§ 42-14-12 - Sales of businesses. - Rhode Island Statutes

SECTION 42-14-12

   § 42-14-12  Sales of businesses. – Any person, firm, or corporation acting as a broker for the sale of an existingbusiness or the transfer of all or a substantial part of the materials,supplies, merchandise, or other inventory of an existing business or for themaking of a bulk transfer under chapter 6 of title 6A for a fee, charge, orcommission shall be required to post a bond in the sum of twenty thousanddollars ($20,000) with the department of business regulation with surety orsureties approved by the director of the department. Provided, however, thatthe provisions of this section shall not apply to attorneys, any personlicensed as a real estate broker, or real estate salesman pursuant to theprovisions of chapter 20.5 of title 5, except that no person, firm, orcorporation shall act or hold himself or herself out as a business brokerunless he or she holds a real estate broker's license issued by the departmentof business regulation that has not been revoked.