4781-11-10. Manufactured housing broker bond requirements

Every applicant for a manufactured housing broker license and every licensed manufactured housing broker shall purchase and maintain a bond in the amount of twenty-five thousand dollars of a surety company authorized to transact business in this state, to which claims may be made to:

(A) Recover any loss a purchaser or prospective purchaser may experience concerning the down payment toward the purchase of a manufactured housing;

(B) Recover any loss a purchaser or prospective purchaser may experience as a result of the misuse by the manufactured housing broker of a noninterest-bearing special or trust account of deposits or of any funds that are legally required to be deposited therein;

(C) Satisfy any person who suffers a loss because taxes were not collected or paid by the manufactured housing broker on the purchase of manufactured housing;

(D) Recover any loss incurred by the purchaser or prospective purchaser, as a result of a conviction of a fraudulent act in a court of competent jurisdiction committed by the applicant, licensee, representative, or salesperson.

Five Year Review (FYR) Dates: 8/29/2019 and 08/27/2024
Promulgated Under: 119.03
Statutory Authority: 4781.04, 4781.25
Rule Amplifies: 4781.25
Prior Effective Dates: 07/01/2010, 06/02/2011

Prior History: (Five Year Review (FYR) Dates: 08/01/2016 and 08/01/2021
Promulgated Under: 119.03
Statutory Authority: 4781.04
Rule Amplifies: 4781.25
Prior Effective Dates: 07/01/2010, 06/02/2011)