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HF 1885

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
Rtf 
  1.1                          A bill for an act 
  1.2             relating to motor vehicles; regulating dealers; 
  1.3             clarifying licensed motor vehicle dealer bonding 
  1.4             requirements; amending Minnesota Statutes 2000, 
  1.5             section 168.27, subdivision 24. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2000, section 168.27, 
  1.8   subdivision 24, is amended to read: 
  1.9      Subd. 24.  [BONDS.] All persons licensed hereunder shall 
  1.10  keep in full force and effect a bond with a corporate surety to 
  1.11  be approved by the registrar of motor vehicles in amounts as 
  1.12  herein provided; in the case of boat trailer, snowmobile 
  1.13  trailer, horse trailer or motorized bicycle dealers in the 
  1.14  amount of $5,000; and as to all other persons in the amount of 
  1.15  $50,000.  The bond shall be conditioned on the faithful 
  1.16  performance by the licensee of the obligations imposed on 
  1.17  persons engaged in consumer motor vehicle transactions by the 
  1.18  laws of this state, including the conduct required of a licensee 
  1.19  by this section and other sections governing the sale or 
  1.20  transfer of motor vehicles, and the payment of all taxes, 
  1.21  license fees, and penalties.  The bond shall be for the benefit 
  1.22  of the state of Minnesota and any transferor, seller, or 
  1.23  purchaser of a motor vehicle for any monetary loss, excluding 
  1.24  attorneys' fees, caused by failure of the licensee to meet the 
  1.25  obligations enumerated above.  Proceedings on the forfeiture of 
  2.1   the bonds shall be commenced in the district court of the county 
  2.2   wherein the business of the licensed person was carried on, or 
  2.3   if in more than one county, the county in which the offense 
  2.4   occurred.  This subdivision does not apply to a used vehicle 
  2.5   parts dealer or a scrap metal processor.