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(a)
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(1) The Securities Commissioner shall require registered broker-dealers, investment advisers, and an agent for the issuer to maintain a bond in such form and amount as he or she may by rule prescribe.
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(2) However, this subsection does not apply to any registered investment adviser that maintains its principal place of business in a state other than Arkansas that:
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(A) Is registered or licensed as such in the state in which it maintains its principal place of business; and
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(B) Is in compliance with the applicable bonding requirements of the state in which it maintains its principal place of business.
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(b) The following apply to those bonds required to be posted with the commissioner under subsection (a) of this section:
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(1) The total liability of the surety to all persons, cumulative or otherwise, shall not exceed the amounts specified in the bond;
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(2) Every bond shall provide that a suit shall not be maintained to enforce any liability on the bond unless brought within five (5) years after the sale or other act upon which it is based; and
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(3) Every bond shall provide for suit on the bond by any person who has a cause of action under this chapter.
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