44-1943. Power of commission to require bond from dealer
151 words·~1 min read·
/az/title-44/44-1943A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The commission may require that any dealer, other than a dealer that is registered under the securities exchange act of 1934, that is registered or making application for registration under this article deliver a bond, payable to the state with sureties, conditioned on the faithful compliance with this chapter by the dealer, and providing that on failure to comply the dealer shall be liable to any person entitled to recovery by reason thereof. The amount of bond shall be determined by the commission and predicated on the character and size of the business to be conducted, the financial condition and business reputation of the dealer and other factors the commission deems pertinent in the circumstances, but in no instance shall any bond exceed twenty-five thousand dollars in respect to any dealer.
B. The commission shall recognize and may require the continuance, or increase in amount, of bonds under its jurisdiction.