Colorado § 44-20-413 Powersports vehicle salesperson's bond

Colorado Statutes

§ 44-20-413 — Powersports vehicle salesperson's bond

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

(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 nec

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(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.

(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.

(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.

Colorado § 44-20-413 (Powersports 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. 109, � 2, effective October 1. L. 2020: (1) and (2) amended, (SB 20-140), ch. 225, p. 1105, � 6, effective September 14.