Bonds Required

A tax preparer shall deposit with the Division, prior to registration or registration renewal, a cash or surety bond issued by an insurer licensed on Guam in the penal sum of One Thousand Dollars ($1,000.00). The bonds required by this Section shall be payable to the General Fund on behalf of the people of Guam and shall contain the condition that the person applying for registration or registration renewal shall comply with this Chapter and shall pay all damages occasioned to any person by reason of misstatement, misrepresentation, fraud, deceit or any unlawful acts or omissions by the tax preparer or its agents or employees while acting in the scope of their employment or agency. The aggregate liability of the surety shall in no event exceed the penal sum of the bond.