§ 24-5-8-3 — Surety bonds; requirements; waiver

Indiana § 24-5-8-3

• Jurisdiction: Indiana
• Art. 5: CONSUMER SALES
• Ch. 8: Business Opportunity Transactions

Text

(a) A seller shall obtain a surety bond issued by
a surety company authorized to do business in Indiana. The amount of
the bond must be at least twenty (20) times the initial payment required
for the business opportunity, but not less than seventy-five thousand
dollars ($75,000). The bond must be in favor of the state for the use
and benefit of investors.
(b) The attorney general may waive the bonding requirement under
subsection (a) and accept in lieu of the bond an irrevocable letter of
credit for an equivalent amount issued in the favor of the state.

Legislative History

As added by P.L.134-1984, SEC.1. Amended by P.L.12-1986, SEC.11.