Sec. 08.66.060. Bond.

228 words·~1 min read·/ak/title-8/chapter-66/08-66-060

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(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 $100,000, 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.