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- Alaska Statutes.
- Title 8. Business and Professions
- Chapter 66. Motor Vehicle Dealers and Buyers' Agents
- Section 60. Bond.
previous: Section 50
. Renewal of Registration.
next: Section 70
. Action On Bond.
AS 08.66.060. Bond.
- (a) An applicant for a dealer registration under AS 08.66.010
shall file with the application and shall maintain in force while registered a bond in favor of the state that is
executed by a surety approved by the commissioner. The amount of the bond shall be $50,000, except that the amount of a
bond for a dealer who sells only motorcycles shall be $25,000. The bond must be conditioned on the dealer's
- (1) doing business in compliance with this chapter and the other laws of this state; and
- (2) not committing fraud or making fraudulent representations in the course of doing business as a dealer.
- (b) A surety may cancel the bond required by (a) of this section by giving notice in writing to the commissioner or the
commissioner's designee. However, cancellation does not relieve a surety of liability arising before cancellation or a
liability that has accrued on the bond before cancellation. The commissioner or the commissioner's designee shall
retain the cancelled bond on file and may not relieve a surety of a liability arising before cancellation or accruing
on the bond before cancellation.
- (c) A bond filed under (a) of this section is valid for renewal of a dealer registration unless the surety has provided a
written notice of cancellation to the commissioner.
- (d) In this section, "commissioner" means the commissioner of administration.
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