9 AAC 16.030 - Surety bond

(a) A seller must submit to the department a surety bond in the amount of $75,000 in favor of the state for the benefit of any buyer who is damaged by the breach of contract between the seller and buyer, by the breach of any obligation arising from that contract, or by the violation of a requirement in AS 45.66 or this chapter. The department may require a seller to file reports of all sales in the state to determine whether an increase in the amount of the bond is necessary to protect the public interest.

(b) The seller shall maintain the surety bond for the duration of the period the seller is selling or offering to sell business opportunities in the state and for a period of three years after the date of the last sale of a business opportunity in the state.

(c) A surety bond required under this section must use the department's form entitled Alaska Business Opportunity Bond,as revised as of February 9, 2005 and adopted by reference.

Notes

9 AAC 16.030

Eff. 3/23/2005, Register 173

The Department of Law's Alaska Business Opportunity Bond, adopted by reference in 9 AAC 16.030, is available from the Department of Law, 1031 West Fourth Avenue, Suite 200, Anchorage, Alaska 99501 or at the following Internet address: http://www.law.state.ak.us/pdf/consumer/busopp-bond-form.pdf

Authority:AS 45.66.020

AS 45.66.060

AS 45.66.240