§ 21-5-103. BOND REQUIRED.

(a)

Bond required before issuance.

(1)

The Department may not issue an auctioneer's license to an applicant until the applicant has filed with the Director a bond to the county in the amount of $5,000.

(2)

The bond required under this subsection shall be:

(i)

For the use and benefit of a person dealing with the applicant as an auctioneer; and

(ii)

Conditioned on the applicant's proper accounting, payment, and delivery of money or property entrusted to the applicant's care and possession while acting as an auctioneer.

(b)

Execution of the bond. A corporate surety licensed by the insurance commissioner shall execute the bond required under this section.

(1988 Code, § 24-35) (Bill No. 72-00, § 2, 7-1-2004)