§ 42-14-12 — § 42-14-12. Sales of businesses.

§ 42-14-12. Sales of businesses.

Any person, firm, or corporation acting as a broker for the sale of an existing business or the transfer of all or a substantial part of the materials, supplies, merchandise, or other inventory of an existing business or for the making of a bulk transfer under chapter 6 of title 6A for a fee, charge, or commission shall be required to post a bond in the sum of twenty thousand dollars ($20,000) with the department of business regulation with surety or sureties approved by the director of the department. Provided, however, that the provisions of this section shall not apply to attorneys, any person licensed as a real estate broker, or real estate salesman pursuant to the provisions of chapter 20.5 of title 5, except that no person, firm, or corporation shall act or hold himself or herself out as a business broker unless he or she holds a real estate broker's license issued by the department of business regulation that has not been revoked.

Legislative History

P.L. 1985, ch. 65, § 1; P.L. 1998, ch. 115, § 3.