37-25A-24. Period bond required--Notice required prior to lapse.
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/sd/title-37/chapter-37-25/37-25a-24·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If the seller is required to obtain a surety bond, the seller shall maintain a surety bond for the duration of the guarantee or representation giving rise to the surety bond requirement. Upon expiration of the period of the guarantee, the seller may allow the surety bond to lapse if the seller gives notice to the director and all business opportunity purchasers in this state at least thirty days prior to the lapse of the bond.