Section 23-42-305 - Corporate surety bonds - Alternatives(a)(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.(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: (A) Is registered or licensed as such in the state in which it maintains its principal place of business; and(B) Is in compliance with the applicable bonding requirements of the state in which it maintains its principal place of business.(b) The following apply to those bonds required to be posted with the commissioner under subsection (a) of this section:(1) The total liability of the surety to all persons, cumulative or otherwise, shall not exceed the amounts specified in the bond;(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(3) Every bond shall provide for suit on the bond by any person who has a cause of action under this chapter.Acts 1959, No. 254, § 4; 1961, No. 248, § 2; 1973, No. 47, § 4; 1977, No. 493, § 2; 1979, No. 6, §§ 2, 3; 1983, No. 836, § 7; A.S.A. 1947, §§ 67-1238, 67-1238.1; Acts 1991, No. 298, § 1; 1995, No. 845, §§ 15, 16; 1997, No. 173, § 15; 2009, No. 534, § 7.