§ 66-168. Bond or trust account required. - North Carolina Statutes

§66‑168.  Bond or trust account required.

Before any permit shall beissued to a dealer pursuant to G.S. 66‑165, the dealer shall execute asatisfactory cash or surety bond or establish a trust account with a licensedand insured bank or savings institution located in the State of North Carolinain the sum of ten thousand dollars ($10,000). The bond or trust account shallbe in favor of the State of North Carolina. A surety bond is to be executed bythe dealer and by two responsible sureties or a surety company licensed to dobusiness in the State of North Carolina and shall be on a form approved by theDepartment of Crime Control and Public Safety. Any bond shall be kept in fullforce and effect and shall be delivered to the law‑enforcement agencywhich first issued a current permit to the dealer. A bond or trust accountshall be for the faithful performance of the requirements and obligations ofthe dealer's business in conformity with this Article. Any law‑enforcementagency shall have full power and authority to revoke the permit and sue forforfeiture of the bond or trust account upon a breach thereof. Any person whoshall have suffered any loss or damage by any act of the permittee thatconstitutes a violation of this Article shall have the right to institute anaction to recover against such permittee and the surety or trust account. Upontermination of the bond or trust account the permit shall become void. (1981,c. 956, s. 1; c. 1001, s. 4.)