Surety bond requirements for telephone solicitors.

The application for registration or renewal shall be accompanied by a surety bond in the amount of $50,000. The bond shall provide for the indemnification of any person suffering a loss as the result a violation of this subchapter. The surety may terminate the bond upon giving a 60-day written notice to the principal and to the Mayor. Unless the bond is replaced by that of another surety before the expiration of the 60-day notice of cancellation, the registration of the principal shall be treated as lapsed.