45:18-2 - Amount, term and provisions of bond; renewal; limitation of actions - New Jersey Statutes

45:18-2.  Amount, term and provisions of bond;  renewal;  limitation of actions
    The bond shall be in the sum of five thousand dollars and shall provide that  the person giving the same shall, upon written demand, pay and turn over to or  for the person for whom any account, bill or other indebtedness is taken for  collection the proceeds thereof in accordance with the terms of the agreement  upon which such account, bill or other indebtedness was received for  collection.  The board shall be in such form and shall contain such further  provisions and conditions as the secretary of state deems necessary or proper  for the protection of the persons for whom the accounts, bills or other  indebtedness are taken for collection, and shall be for the term of one year  from its date and must be renewed annually.  No action on the bond shall be  begun after two years from the expiration thereof.