Section 358-J:8 Bond Requirement. - New Hampshire Statutes

Every buying club that has a membership fee in excess of $35 shall post a surety bond in the amount of $20,000 with the attorney general. The type of surety bond shall be designated by the attorney general. No bond shall be accepted for filing unless it is with a surety company authorized to do business in this state. The surety may cancel the bond at any time upon giving 30 days' written notice to the attorney general. Any person who is damaged by any violation of this chapter, or by the club's breach of the contract for sale or any obligation arising therefrom may bring an action against the bond to recover damages suffered and any other amounts allowable by law. The attorney general, in any action brought under this chapter or any other applicable provision of law, may likewise proceed against the bond. In no event shall the aggregate liability of the surety for all claims exceed the bond amount.

Source. 1983, 438:1. 1985, 300:7, I(b).