Any applicant for credit, who has in the past 7 years declared bankruptcy, either personally or as a principal of a corporation or other business entity, shall be bound by the following provisions:
- (a) If the licensee is other than a natural person, that entity shall post a bond or irrevocable letter of credit from a state or federally recognized financial institution in the amount of the credit requested;
- (b) Any licensee who declares bankruptcy shall forfeit all credit privileges and shall pay for product with cash, certified check, or debit card while in bankruptcy; and
- (c) Upon emerging from bankruptcy, said licensee may reapply for credit privileges subject to the provisions of this chapter.
Source. #4720, eff 1-1-90; ss by #5043, eff 1-11-91; ss by #6391, eff 11-28-96, EXPIRED: 11-28-04 New. #9227, eff 8-6-08, EXPIRED: 8-6-16 New. #12210, eff 6-14-17; ss by #13225, eff 6-30-21