Okla. Admin. Code § 765:35-3-4

Current through Vol. 42, No. 6, December 2, 2024

Section 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.

Added at 10 Ok Reg 4159, eff 7-26-93