Security for monitoring provider's licence
6E Security for monitoring provider's licence
(1) On the grant of a monitoring provider's licence, the successful applicant must provide to the Director a security of $50 000 in the form of a bond, bank guarantee or any other form of security approved by the Director.
The amount of the security is forfeited to the Territory if:
(a) the licensed monitoring provider defaults under an agreement to provide a basic monitoring service in respect of gaming equipment on a licensee's licensed premises;
(b) the licensed monitoring provider surrenders the monitoring provider's licence without giving the Director 90 days notice of the surrender under section 78(3) of the Act; or
(c) the monitoring provider's licence is cancelled under section 79 of the Act.
(3) The Director may use all or any part of a bond forfeited under subregulation (2) to offset the cost of providing, or arranging the provision of, a basic monitoring service in place of the service that should or would have been provided but for the default, surrender or cancellation.
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