Minnesota Session Laws - 2002, Regular Session

                            CHAPTER 288-S.F.No. 2115 
                  An act relating to motor vehicles; regulating dealers; 
                  clarifying licensed motor vehicle dealer bonding 
                  requirements; amending Minnesota Statutes 2000, 
                  section 168.27, subdivision 24. 
        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
           Section 1.  Minnesota Statutes 2000, section 168.27, 
        subdivision 24, is amended to read: 
           Subd. 24.  [BONDS.] All persons licensed hereunder shall 
        keep in full force and effect a bond with a corporate surety to 
        be approved by the registrar of motor vehicles in amounts as 
        herein provided; in the case of boat trailer, snowmobile 
        trailer, horse trailer or motorized bicycle dealers in the 
        amount of $5,000; and as to all other persons in the amount of 
        $50,000.  The bond shall be conditioned on the faithful 
        performance by the licensee of the obligations imposed on 
        persons engaged in motor vehicle transactions by the laws of 
        this state, including the conduct required of a licensee by this 
        section and other sections governing the sale or transfer of 
        motor vehicles, and the payment of all taxes, license fees, and 
        penalties.  The bond shall be for the benefit of the state of 
        Minnesota and any transferor, seller, or purchaser of a motor 
        vehicle for any monetary loss caused by failure of the licensee 
        to meet the obligations enumerated above.  Proceedings on the 
        forfeiture of the bonds shall be commenced in the district court 
        of the county wherein the business of the licensed person was 
        carried on, or if in more than one county, the county in which 
        the offense occurred.  This subdivision does not apply to a used 
        vehicle parts dealer or a scrap metal processor. 
           Presented to the governor March 25, 2002 
           Signed by the governor March 26, 2002, 2:34 p.m.