AI-assisted research summary: Certain private child support collection agencies must register with the secretary of state and, shortly after registering, submit required security documents or a cash deposit to the state treasurer.
§1443. Registration Any private child support collection agency providing support enforcement services to an obligee who is a resident of this state or collecting any child support or arrearages from an obligor shall comply with the following: (1) Register with the secretary of state and provide information as requested, including the name of the private child support collection agency, the office address, and the registered agent in this state on whom service of process is to be made. (2) Submit to the state treasurer not later than 4:30 p.m. on the fifth business day after registering with the secretary of state all of the following: (a) A surety bond filed, held, and approved by the state treasurer. The surety bond shall be issued by a surety authorized to do business in this state in the amount of fifty thousand dollars in favor of the state for the benefit of a person damaged by a violation of this Chapter, and conditioned on the private child support collection agency's compliance with this Chapter and the faithful performance of the obligations under the private child support collection agency's agreements with its clients. (b) A deposit of money in the amount of fifty thousand dollars may be made in lieu of the surety bond. The state treasurer shall deposit any amounts received under this Chapter in an insured depository account. Acts 2010, No. 872, §2, eff. July 2, 2010.