N.J. Admin. Code § 13:44M-5.3

Current through Register Vol. 56, No. 24, December 18, 2024

Section 13:44M-5.3 - Actions on the surety bond

(a) Any person, partnership, or corporation including any political subdivision of State government who has been injured, aggrieved, or damaged through the failure of a licensed elevator mechanic to perform the duties required by N.J.S.A. 45:14H-1et seq., or this chapter, shall be eligible to receive the financial protection of, and may maintain an action on, the surety bond.

(b) Any restitution to a person, partnership, corporation, or any political subdivision of State government ordered by the Board shall be eligible for the financial protection of the surety bond.

(c) If a bond is used to respond to a claim pursuant to (a) or (b) above, a licensed elevator mechanic shall replenish the bond, so that its sum is $ 10,000 as required by N.J.A.C. 13:44M-2.4.

N.J. Admin. Code § 13:44M-5.3

Adopted by 50 N.J.R. 1287(a), effective 5/21/2018