bond. (1) To be issued a powersports vehicle salesperson's license, the applicant must procure and file with the board evidence of a savings account, deposit, or certificate of deposit meeting the requirements of section 11-35-101 or a good and sufficient bond in the amount of fifteen thousand dollars with a corporate surety duly licensed to do business within the state, approved as to form by the attorney general, and conditioned that the applicant perform in good faith as a powersports vehicle salesperson without fraud and without violating a provision of this part 4 related to fraud or any rule promulgated by the board under this part 4 related to fraud. The board shall implement a psychometrically valid and reliable salesperson exam that measures the minimum level of competence necessary to practice. A powersports vehicle salesperson need not furnish an additional bond, savings account, deposit, or certificate of deposit under this section if the salesperson furnishes a bond, savings account, deposit, or certificate of deposit under section 44-20-113.

1. (2) No corporate surety is required to make a payment to any person claiming under the bond until a final determination of fraud has been made by the board or by a court of competent jurisdiction.
2. (3) Bonds required under this section shall be renewed annually when the bondholder's license is renewed. Bonds may be renewed through a continuation certificate issued by the surety.

Source: L. 2018: Entire article added with relocations, (SB 18-030), ch. 7, p. 109, § 2, effective October 1. L. 2020: (1) and (2) amended, (SB 20-140), ch. 225, p. 1105, § 6, effective September 14.

Editor's note: This section is similar to former § 12-6-513 as it existed prior to 2018.