1998 Alaska Statutes
Title 08 BUSINESS AND PROFESSIONS
Chapter 08.67. MOBILE HOME DEALERS
Sec. 08.67.050. Bond.

(a) An applicant for registration under AS 08.67.020 or for renewal of a registration under AS 08.67.040 shall file with the application or request for renewal, and shall maintain in force while registered, a $50,000 bond that is in favor of the state, that is executed by an authorized corporate surety approved by the department, and that is conditioned upon the applicant's promise to pay all

(1) taxes and contributions due the state or a political subdivision of the state; and

(2) judgments entered against the applicant for fraud, negligence, or breach of contract when acting as a dealer.

(b) The bond required by this section is conditioned on the applicant complying with this chapter and not committing fraud or making fraudulent representations in the course of doing business as a dealer.

(c) A surety may cancel the bond after giving the department 30 days' advance written notice. Cancellation does not relieve a surety of liability arising on the bond from a purchase negotiated by the bonded dealer before cancellation or a liability that accrues against the bond before cancellation. The department shall retain the cancelled bond on file.

(d) If the bond required under this section is cancelled, the department may suspend the dealer's registration until the dealer is bonded as required under this section.