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(a) A person licensed as a manufactured home salesperson shall not be required to furnish a bond, but each applicant approved by the Board for license as a manufacturer, dealer, or set-up contractor shall furnish a corporate surety bond, cash bond or fixed value equivalent in the following amounts:
(1) For a manufacturer, two thousand dollars ($2,000) per manufactured home manufactured in the prior license year, up to a maximum of one hundred thousand dollars ($100,000). When no manufactured homes were produced in the prior year, the amount required shall be based on the estimated number of manufactured homes to be produced during the current year.
(2) For a dealer who has one place of business, the amount shall be thirty-five thousand dollars ($35,000).
(3) For a dealer who has more than one place of business, the amount shall be twenty-five thousand dollars ($25,000) for each additional place of business.
(4) For a set-up contractor, the amount shall be ten thousand dollars ($10,000).
(b) A corporate surety bond shall be approved by the Board as to form and shall be conditioned upon the obligor faithfully conforming to and abiding by the provisions of this Part. A cash bond or fixed value equivalent shall be approved by the Board as to form and terms of deposits in order to secure the ultimate beneficiaries of the bond. A corporate surety bond shall be for a one-year period, and a new bond or a proper continuation certificate shall be delivered to the Board at the beginning of each subsequent one-year period.
(c) Any buyer of a manufactured home who suffers any loss or damage by any act of a licensee that constitutes a violation of this Part may institute an action to recover against the licensee and the surety.
(d) The Board may adopt rules to assure satisfaction of claims.
Cite this article: FindLaw.com - North Carolina General Statutes Chapter 143. State Departments, Institutions, and Commissions § 143-143.12. Bond required - last updated January 01, 2020 | https://codes.findlaw.com/nc/chapter-143-state-departments-institutions-and-commissions/nc-gen-st-sect-143-143-12.html
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