2006 Minnesota Statutes

231.17 BONDS OF WAREHOUSE OPERATORS; LEGAL LIABILITY INSURANCE.
Every warehouse operator applying for and receiving a license from the department under
this chapter shall file with the department, acceptable to the department, a surety bond to the state
of Minnesota. Bonds must be in the amount of $10,000.
The bond must be conditioned for the faithful discharge of all duties as a household goods
warehouse operator operating under this chapter and full compliance with the laws of the state and
rules and orders of the department. Failure to maintain the bond as required shall void the license.
The bond must be continuous until canceled. To cancel a bond, the surety must provide 90
days' written notice of the bond's termination date to the licensee and the department.
In lieu of the bond required by this section, the applicant may deposit with the commissioner
of finance cash; a certified check; a cashier's check; a postal, bank, or express money order;
assignable bonds or notes of the United States; or an assignment of bank savings account or
investment certificate or an irrevocable bank letter of credit as defined in section 336.5-103, in the
same amount as would be required for a bond.
In lieu of the bond required by this section, a warehouse operator that does not provide for
the storage of household goods may provide proof of legal liability insurance coverage in the
amount of $50,000 or more. A warehouse operator must notify the department with written notice
of the cancellation of the policy. If the policy is terminated without notification to the department,
the warehouse operator is subject to penalties under section 231.39.
History: (5190) 1915 c 210 s 19; 1927 c 360 s 1; 1971 c 25 s 67; 1971 c 75 s 1; 1985 c 248 s
70; 1986 c 444; 1993 c 212 s 6; 1999 c 110 s 12; 2003 c 112 art 2 s 50