2000 Alaska Statutes
Title 08 BUSINESS AND PROFESSIONS
Chapter 08.66. MOTOR VEHICLE DEALERS AND BUYERS' AGENTS
Sec. 08.66.060. Bond.

(a) An applicant for dealer registration or for renewal of dealer registration shall file with the application or request for renewal, and shall maintain in force while registered, a bond in favor of the state, executed by an authorized corporate surety approved by the commissioner of administration, in the amount of $10,000, except that a dealer who sells only motorcycles shall maintain in force while registered a bond in favor of the state, executed and approved in the same manner as bonds required of other dealers under this section, in the amount of $3,000. Instead of a corporate surety bond the commissioner may, in the commissioner's sole discretion, accept a bond in the same amount with at least two individual sureties, each justifying with real property in twice the amount of the bond. The commissioner shall make the investigation necessary to determine the actual financial responsibility of the individual sureties. The condition of the bond shall be that the applicant will conduct business in accordance with this chapter and will not commit fraud or make fraudulent representations in the course of business.

(b) The bond shall be filed in the office of the commissioner of administration. A surety may cancel the bond upon 30 days' advance notice in writing filed with the commissioner. However, cancellation does not relieve a surety of liability arising on the bond from a sale made by the bonded dealer before cancellation or a liability that has accrued upon the bond before cancellation. The commissioner shall retain the canceled bond on file and may not relieve a surety of a liability arising before cancellation.