N.J. Admin. Code § 13:47C-6.1 - Transient buyer bond requirements

(a) A transient buyer of precious metals shall file with the State Superintendent a good and sufficient surety bond executed by a surety company authorized to transact business in the State of New Jersey in an amount of not less than $ 5,000. The bond shall run to the State for the benefit of any person injured by the wrongful act, default, fraud or misrepresentation of the transient buyer of precious metals. The bond shall be approved as to form and sufficiency by the State Superintendent, shall be given to the State Superintendent in his or her official capacity and shall be conditioned for the faithful compliance by the precious metals transient buyer with all of the provisions of N.J.S.A. 51:6A-1 et seq., and for the payment of all amounts due to sellers of precious metals during the period the bond is in force.

(b) In accordance with the provisions of N.J.S.A. 51:6A-1i, the bond shall not be cancelled for any cause unless a Notice of Intention to cancel is filed at least 30 days before the requested cancellation date with the State Superintendent. The bond shall contain such a provision.

Notes

N.J. Admin. Code § 13:47C-6.1

Amended by R.2004 d.435, effective 12/6/2004.
See: 36 N.J.R. 3229(a), 36 N.J.R. 5366(b).
Rewrote the section.
Amended by R.2010 d.071, effective 5/17/2010.
See: 41 N.J.R. 4404(a), 42 N.J.R. 951(a).
In (a), substituted "the State of New Jersey" for "this State", inserted "or her", and inserted a comma following "et seq.".