§ 143-143.12. Bond required.

NORTH CAROLINA STATUTES AND CODES

§ 143‑143.12. Bondrequired.

(a) A person licensedas a manufactured home salesperson shall not be required to furnish a bond, buteach applicant approved by the Board for license as a manufacturer, dealer, orset‑up contractor shall furnish a corporate surety bond, cash bond orfixed value equivalent in the following amounts:

(1) For a manufacturer,two thousand dollars ($2,000) per manufactured home manufactured in the priorlicense year, up to a maximum of one hundred thousand dollars ($100,000). Whenno manufactured homes were produced in the prior year, the amount requiredshall be based on the estimated number of manufactured homes to be producedduring the current year.

(2) For a dealer who hasone place of business, the amount shall be thirty‑five thousand dollars($35,000).

(3) For a dealer who hasmore than one place of business, the amount shall be twenty‑five thousanddollars ($25,000) for each additional place of business.

(4) For a set‑upcontractor, the amount shall be ten thousand dollars ($10,000).

(b) A corporate suretybond shall be approved by the Board as to form and shall be conditioned uponthe obligor faithfully conforming to and abiding by the provisions of thisPart. A cash bond or fixed value equivalent shall be approved by the Board asto form and terms of deposits in order to secure the ultimate beneficiaries ofthe bond. A corporate surety bond shall be for a one‑year period, and anew bond or a proper continuation certificate shall be delivered to the Boardat the beginning of each subsequent one‑year period.

(c) Any buyer of amanufactured home who suffers any loss or damage by any act of a licensee thatconstitutes a violation of this Part may institute an action to recover againstthe licensee and the surety.

(d) The Board may adoptrules to assure satisfaction of claims. (1981, c. 952, s. 2; 1985, c. 487, s. 2; 1987, c. 429,s. 19; c. 827, s. 223; 1999‑393, s. 1; 2000‑122, s. 8; 2005‑451,s. 1.)