2005 Minnesota Statutes - 231.17 — Bonds of warehouse operators; legal liability insurance.

     231.17 Bonds of warehouse operators; legal liability 
  insurance. 


    Every warehouse operator applying for and receiving a 
 license from the department under this chapter shall file with 
 the department, acceptable to the department, a surety bond to 
 the state of Minnesota.  Bonds must be in the amount of $10,000. 


    The bond must be conditioned for the faithful discharge of 
 all duties as a household goods warehouse operator operating 
 under this chapter and full compliance with the laws of the 
 state and rules and orders of the department.  Failure to 
 maintain the bond as required shall void the license.  


    The bond must be continuous until canceled.  To cancel a 
 bond, the surety must provide 90 days' written notice of the 
 bond's termination date to the licensee and the department. 


    In lieu of the bond required by this section, the applicant 
 may deposit with the commissioner of finance cash; a certified 
 check; a cashier's check; a postal, bank, or express money 
 order; assignable bonds or notes of the United States; or an 
 assignment of bank savings account or investment certificate or 
 an irrevocable bank letter of credit as defined in section 
 336.5-103, in the same amount as would be required for a bond. 


    In lieu of the bond required by this section, a warehouse 
 operator that does not provide for the storage of household 
 goods may provide proof of legal liability insurance coverage in 
 the amount of $50,000 or more.  A warehouse operator must notify 
 the department with written notice of the cancellation of the 
 policy.  If the policy is terminated without notification to the 
 department, the warehouse operator is subject to penalties under 
 section 231.39. 


    HIST: (5190) 1915 c 210 s 19; 1927 c 360 s 1; 1971 c 25 s 67; 
 1971 c 75 s 1; 1985 c 248 s 70; 1986 c 444; 1993 c 212 s 6; 1999 
 c 110 s 12; 2003 c 112 art 2 s 50