Section 08.66.060. Bond.

   (a) An applicant for a dealer registration under AS 08.66.010 shall file with the application and shall maintain in force while registered a bond in favor of the state that is executed by a surety approved by the commissioner. The amount of the bond shall be $50,000, except that the amount of a bond for a dealer who sells only motorcycles shall be $25,000. The bond must be conditioned on the dealer's
        (1) doing business in compliance with this chapter and the other laws of this state; and
        (2) not committing fraud or making fraudulent representations in the course of doing business as a dealer.
   (b) A surety may cancel the bond required by (a) of this section by giving notice in writing to the commissioner or the commissioner's designee. However, cancellation does not relieve a surety of liability arising before cancellation or a liability that has accrued on the bond before cancellation. The commissioner or the commissioner's designee shall retain the cancelled bond on file and may not relieve a surety of a liability arising before cancellation or accruing on the bond before cancellation.
   (c) A bond filed under (a) of this section is valid for renewal of a dealer registration unless the surety has provided a written notice of cancellation to the commissioner.
   (d) In this section, "commissioner" means the commissioner of administration.

Authorities

8.66.020

Notes

References

AS 8.66.020 .020">Sec. 08.66.020. Application, bond, and fee.

History

(Sec. 5 ch 135 SLA 1959; am Sec. 1 ch 159 SLA 1960; am Sec. 1 ch 80 SLA 1962; am Sec. 6 ch 214 SLA 1975; am Sec. 1 ch 144 SLA 1977; am E.O. No. 99 Sec. 7 (1997); am Sec. 5 ch 79 SLA 2002)