N.J. Admin. Code § 13:45A-26F.5
Current through Register Vol. 56, No. 11, June 3, 2024
To assure compliance with the requirements of 56:8-77 et seq., a dealer shall provide a bond in favor of the State of New Jersey in the amount of $ 10,000, executed by a surety company authorized to transact business in the State of New Jersey by the Department of Banking and Insurance and to be conditioned on the faithful performance of the provisions of 56:8-77 et seq. This bond shall be for the term of 12 months and shall be renewed at each expiration for a similar period. The Commissioner of the Motor Vehicle Commission shall not issue a dealer's license and shall not renew a license of any dealer who has not furnished proof of the existence of such bond.
N.J. Admin. Code § 13:45A-26F.5
See: 43 N.J.R. 1130(a), 44 N.J.R. 166(b).
Substituted "Commissioner of the Motor Vehicle Commission" for "Director of the Division of Motor Vehicles".