Form Corp-P05 - Surety Bond Form printable pdf download

BOND

Private Child Support Enforcement Agencies

(Texas Finance Code § 396.105)

KNOW ALL PERSONS BY THESE PRESENTS THAT WE, the undersigned,

______________________________, as Principal, and _______________________________, as Surety,

are held and firmly bound unto the Banking Commissioner of the State of Texas (the “Commissioner”)

for the benefit of a person damaged by a violation of Texas Finance Code Chapter 396, for the obligations

and liabilities of the Principal arising out of or relating to the activities of said Principal as a Private Child

Support Enforcement Agency registered with the Commissioner under Finance Code Chapter 396 , in the

sum of _______________AND__________ ONE-HUNDREDTHS UNITED STATES DOLLARS (U.S.

$__________) , for the payment of which the undersigned Principal and Surety, jointly and severally bind

themselves and their successors, executors, heirs, administrators, and assigns by these presents.

WHEREAS, the undersigned principal has applied to the Commissioner for registration as a Private Child

Support Enforcement Agency as defined and set forth in the Finance Code; and

WHEREAS, this Bond is being provided to satisfy the financial requirements set forth in Section 396.105

of the Finance Code.

NOW, THEREFORE, the conditions of this Bond or obligation are such that if the Principal shall duly

and fully comply at all times with the provisions of Chapter 396 of the Finance Code and any

regulations, rules, and orders promulgated pursuant thereto and shall faithfully perform its obligations

under the Principal’s agreements with its clients, then the Surety shall have no monetary obligation

under this bond.

FURTHERMORE, it is understood and agreed that:

1) This Bond is to provide financial surety for the discharge by the Principal of any and all monetary

obligations and liabilities as a Private Child Support Enforcement Agency registered in Texas that

arise from any and all acts or omissions under or relating to Chapter 396 of the Texas Finance Code

or any regulations, rules, or orders issued or promulgated pursuant thereto.

2) The person for whose benefit the Principal and Surety are bound to the Commissioner must have

lived in the State of Texas when his or her claim arose or when he or she contracted with the

Principal.

3) To be payable by the Surety, a claim must be presented to the Surety by the Commissioner in

accordance with the rules promulgated under the authority of Chapter 396 of the Texas Finance Code.

4) This Bond shall remain in effect for the entire term of the registration in connection with which it is

being issued, unless sooner revoked by thirty (30) or more days’ written notice to the Commissioner.

Revocation hereof shall not alter or reduce the liability of the Surety for any claims relating to or

arising out of facts and circumstances that occurred prior to the effective date of such revocation.

5) This Bond shall automatically renew for any succeeding renewals of the registration in connection

with which it is being issued without need of any action or notice by any party, provided, however,

that the Surety may, by written notice at least thirty (30) days prior to the end of such term, advise the

Commissioner in writing that this Bond will not be renewed.

CORP-P05 [02/13]

Texas Department of Banking

Page 1

TDI Link #125627

Form Corp-P05 - Surety Bond Form