56:8-77. Bond to assure compliance
123 words·~1 min read·
/nj/title-56/chapter-8/56-8-77A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
11. To assure compliance with the requirements of this act, a dealer shall provide a bond in favor of the State of New Jersey in the amount of $10,000, executed by a surety company authorized to transact business in the State of New Jersey by the Department of Insurance and to be conditioned on the faithful performance of the provisions of this act. This bond shall be for the term of 12 months and shall be renewed at each expiration for a similar period. The Director of the Division of Motor Vehicles shall not issue a dealer's license and shall not renew a license of any dealer who has not furnished proof of the existence of the bond required by this act.
L.1995,c.373,s.11.