Okla. Admin. Code § 765:35-3-4 - Bond and insurance
(a)
Dealer
bond. Each applicant for a manufactured home dealer's license shall
procure and file with the Commission a good and sufficient bond in the amount
of Thirty Thousand Dollars ($30,000). Said bond shall be filed on a form
approved by the State Attorney General and provided by the Commission. The
conditions of the bond shall be that the applicant not practice fraud, make any
fraudulent representations, or violate any of the provisions of the
Commission's enabling act while conducting the business for which he is
licensed. The bonds as required by this section shall be maintained throughout
the period of licensure. Should the bond be cancelled for any reason, the
license shall be revoked as of the date of cancellation unless a new bond is
furnished prior to such date.
(b)
Liability insurance. Each applicant for a manufactured home
dealer's license shall be required to furnish and in the event a license is
issued, keep in force, a minimum of One Hundred Thousand Dollars ($100,000)
single limit garage liability and completed operations insurance coverage on
all manufactured homes offered for sale or transported utilizing the streets
and roadways of Oklahoma in accordance with the financial responsibility laws
of the State of Oklahoma. The insurance as required by this section shall be
maintained throughout the period of licensure. Should the insurance be
cancelled or expire for any reason, the license shall be revoked as of the date
of cancellation or expiration unless new insurance is furnished prior to such
date.
Notes
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