Bond discount

1. The licensee may request a bond reduction based upon the licensee's payment policy. a. The required bond is reduced by thirty percent for a licensee that establishes and follows a payment policy approved by the commissioner of ten days or fewer. b. The required bond is reduced by fifteen percent for a licensee that establishes and follows a payment policy approved by the commissioner of eleven to twenty-one days. 2. A reduction under this section may not be used to reduce required bond below the minimum bond set by law.