45:24-5 - Bond; amount, term and conditions - New Jersey Statutes

45:24-5.  Bond;  amount, term and conditions
    Before a license shall issue, the applicant shall execute and deliver to the  licensing official of the municipality, a good and sufficient bond with good  and sufficient surety, to be approved by the licensing official, equal in  amount to twenty-five per cent of the value of the personal property shown in  the declarations and disclosures required under the provisions of this article,  but in no event shall the bond be less than one thousand dollars. It shall  remain in force for one year, and be conditioned to indemnify and pay the  municipality any penalties or costs incurred in the enforcement of any of the  provisions of this article, and to indemnify or reimburse any purchaser of such  personal property in a sum equal to at least the amount of any payment such  purchaser may have been induced to make through the misrepresentation as to the  kind, quality or value of the personal property, whether the misrepresentations  were made by the owners or their servants, agents or employees, either at the  time of making the sale or through any advertisement printed or circulated with  reference to such personal property or any part thereof.