Iowa Code 80A.10 – Licensee’s bond
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1. A license shall not be issued unless the applicant files with the department a surety bond, in a minimum amount as follows:
a. Five thousand dollars in the case of an agency licensed to conduct only a bail enforcement business, private security business, or a private investigation business.
b. Ten thousand dollars in the case of an agency licensed to conduct more than one type of business licensed under this chapter.
Terms Used In Iowa Code 80A.10
- Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Department: means the department of public safety. See Iowa Code 80A.1
- Person: means an individual, partnership, corporation, or other business entity. See Iowa Code 80A.1
- Private investigation business: means the business of making, for hire or reward, an investigation for the purpose of obtaining information on any of the following matters:a. See Iowa Code 80A.1
- Private security business: means a business of furnishing, for hire or reward, guards, watch personnel, armored car personnel, patrol personnel, or other persons to protect persons or property, to prevent the unlawful taking of goods and merchandise, or to prevent the misappropriation or concealment of goods, merchandise, money, securities, or other valuable documents or papers, and includes an individual who for hire patrols, watches, or guards a residential, industrial, or business property or district. See Iowa Code 80A.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
2. The bond shall be issued by a surety company authorized to do business in this state and shall be conditioned on the faithful, lawful, and honest conduct of the applicant and those employed by the applicant in carrying on the business licensed.3. The bond shall provide that a person injured by a breach of the conditions of the bond may bring an action on the bond to recover legal damages suffered by reason of the breach. However, the aggregate liability of the surety for all damages shall not exceed the amount of the bond.4. Bonds issued and filed with the department shall remain in force and effect until the surety has terminated future liability by a written thirty days’ notice to the department.