4781-11-10 Manufactured housing broker bond requirements.

 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4781-11-10                                                                                                                            2

Five Year Review (FYR) Dates:                         11/06/2015

WITHDRAWN ELECTRONICALLY

Certification

01/19/2016
Date
Promulgated Under:	119.03
Statutory Authority:	4781.04
Rule Amplifies:	4781.25
Prior Effective Dates:	07/01/2010, 06/02/2011