§ 23-32-301. Title

This subchapter may be known as the “Surety Bond Exemption Act”.

§ 23-32-302. Purpose

The purpose of this subchapter is to exempt state and federal savings and loan associations from being required to furnish security in the form of cash, bond, or otherwise, ensuring proper performance of their duties and obligations in the business transactions set forth in § 23-32-304. This purpose is based on the premise that savings […]

§ 23-32-303. Applicability of other laws

The law defining savings and loan associations’ formation, structure, and operation shall apply to this subchapter except as provided in this subchapter.

§ 23-32-304. Construction

Nothing in this subchapter shall be construed to: (1) Prevent a state or federal savings and loan association from electing or agreeing to furnish bond at its own cost; (2) Prevent any other party of interest, desiring protection in a business transaction with a state or federal savings and loan association, from electing to secure […]

§ 23-32-305. Exemption from posting bond in certain transactions

(a) Except when the dollar amount of responsibility assumed exceeds its net capital and surplus, no state or federal savings and loan association, chartered or licensed to do business in this state, shall be required to furnish fidelity, surety, or performance bond, called “bond” in this subchapter, in business transactions involving: (1) Garnishment; (2) Replevin; […]