§ 31-23.2-12 - Dealers – Bonding. - Rhode Island Statutes

SECTION 31-23.2-12

   § 31-23.2-12  Dealers – Bonding.– All motor vehicle dealers licensed by the state of Rhode Island shall post abond of not less than fifteen thousand dollars ($15,000) with the Rhode Islandmotor vehicle dealers license commission for the purpose of indemnifying a goodfaith purchaser who suffers any loss occasioned by a violation of the generallaws or the rules and regulations of the commission. The bond shall be renewedannually and shall continue in effect for two (2) years after any dealer goesout of business.