1st Engrossment - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am
|Introduction||Posted on 03/19/2001|
|1st Engrossment||Posted on 02/25/2002|
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 motor vehicle transactions by the laws of 1.18 this state, including the conduct required of a licensee by this 1.19 section and other sections governing the sale or transfer of 1.20 motor vehicles, and the payment of all taxes, license fees, and 1.21 penalties. The bond shall be for the benefit of the state of 1.22 Minnesota and any transferor, seller, or purchaser of a motor 1.23 vehicle for any monetary loss caused by failure of the licensee 1.24 to meet the obligations enumerated above. Proceedings on the 1.25 forfeiture of the bonds shall be commenced in the district court 2.1 of the county wherein the business of the licensed person was 2.2 carried on, or if in more than one county, the county in which 2.3 the offense occurred. This subdivision does not apply to a used 2.4 vehicle parts dealer or a scrap metal processor.