(a) A licensee shall maintain a surety bond in accordance with this subsection in a minimum amount of $25,000. The bond must be payable to the Government of the Virgin Islands and issued by an insurer authorized to do business in the Virgin Islands. An original surety bond, including any and all riders and endorsements executed subsequent to the effective date of the bond, must be filed with the Board not later than 10 days after execution. For licensees with multiple licensed locations, only one surety bond is required. The bond must be used for the recovery of expenses, fines, and fees levied by the Board in accordance with this chapter or for losses or damages incurred by borrowers or consumers as the result of a licensee’s noncompliance with the requirements of this chapter.
(b) When an action is commenced on a licensee’s bond, the Board may require the filing of a new bond. Immediately upon recovery of any action on the bond, the licensee shall file a new bond. Failure to file a new bond by 10 days after the recovery on a bond, or by 10 days after notification by the Board that a new bond is required, constitutes sufficient ground for the suspension or revocation of the license.