Colorado § 44-20-113 Motor vehicle salesperson's bond

Colorado Statutes

§ 44-20-113 — Motor vehicle salesperson's bond

Colorado·Title 44 Revenue -·Art. Sale of Self-propelled Vehicles

(1)Before a motor vehicle salesperson's license is issued by the board through the executive director to any applicant, 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 corporate surety duly licensed to do business within the state, approved as to form by the attorney general of the state, and conditioned that the applicant must perform in good faith as a motor vehicle salesperson without fraud and without the violation of any provision of this part 1 related to fraud that is designated by the board by rule. A motor vehicle salesperson need not furnish an additional bond, savings account, dep

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(1) Before a motor vehicle
salesperson's license is issued by the board through the executive director to any
applicant, 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
corporate surety duly licensed to do business within the state, approved as to form
by the attorney general of the state, and conditioned that the applicant must
perform in good faith as a motor vehicle salesperson without fraud and without the
violation of any provision of this part 1 related to fraud that is designated by the
board by rule. A motor vehicle salesperson need not furnish an additional bond,
savings account, deposit, or certificate of deposit under this section if the dealer
furnishes a bond, savings account, deposit, or certificate of deposit under section
44-20-413.

(2) No corporate surety shall be required to make any 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.

(3) All bonds required pursuant to this section shall be renewed annually at
such time as the bondholder's license is renewed. The renewal may be done
through a continuation certificate issued by the surety.

Colorado § 44-20-113 (Motor vehicle salesperson's bond) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 2018: Entire article added with relocations, (SB 18-030), ch. 7, p. 59, � 2, effective October 1. L. 2020: (1) and (2) amended, (SB 20-140), ch. 225, p. 1103, � 2, effective September 14.