§ 563-40. Required bond.

Every applicant for a precious metal and gem exchange license shall submit a five-thousand-dollar bond or, for renewal of a license, evidence of a bond issued in favor of the licensee. This bond shall be for the purpose of guaranteeing payments up to the face amount of the bond for bank drafts or other negotiable instruments issued by the licensee in exchange for the purchase of precious metals and gems. All bonds must be conditioned so that the licensee will observe all laws in relation to precious metal and gem dealers and will conduct business in conformity thereto. Such bond shall remain in force during the entire period for which the license is valid. The Director may establish rules and regulations concerning the amount of a bond to be posted upon proper notice to the licensee.

Amended 11-25-1980 by L.L. No. 28-1980; 12-17-2002 by L.L. No. 4-2003; 6-10-2003 by L.L. No. 21-2003; 5-12-2009 by L.L. No. 18-2009; 9-15-2011 by L.L. No. 49-2011