Codified Laws

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Enter the text to search for and click Search to get a list of statutes containing the text you entered. Tips:
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The Get Statute button can be used to locate a specific statute. You may type in a title, chapter, or section number. Example: typing 1 will return the chapter list for Title 1, typing 1-1 will return the section list for chapter 1-1, typing 1-1-1 will return section 1-1-1 of the statutes.

The Get Chapter button can be used to load a complete chapter of the statutes. This function requires a title and a chapter number. Examples: 1-1, 57A-1, 1-3

32-7A-5 Bond required for license.
     32-7A-5.   Bond required for license. No license as provided in § 32-7A-3 may be issued to anyone, until the applicant executes a bond issued by a company licensed to do business in this state, as surety in the amount of twenty-five thousand dollars. The bond shall be payable to the Department of Revenue for the use and benefit of any purchaser or holder of lien to pay any loss, damages, and expenses resulting from the failure of any title for any fraudulent misrepresentation or breach of warranty as to freedom from a lien. If any claim is made to the department against such bond, which claim is based upon a final judgment of a court of record of this state, the dealer shall execute an additional bond for the amount necessary to maintain the security at the original level.

Source: SL 1984, ch 223, § 5; SL 2004, ch 17, § 98; SL 2004, ch 207, § 4; SL 2011, ch 1 (Ex. Ord. 11-1), § 161, eff. Apr. 12, 2011.

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