Section R17-5-402. Bond Amounts; Motor Vehicle Dealers, Brokers, and Recyclers Business Licenses

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A.      As prescribed under A.R.S. § 28-4362, the Division shall require a bond in the amount specified for the following motor vehicle business license applicants:

1.        $100,000 from a motor vehicle dealer engaged in selling new or used motor vehicles,

2.        $25,000 from a wholesale motor vehicle dealer,

3.        $25,000 from a wholesale motor vehicle auction dealer,

4.        $25,000 from a motor vehicle broker, and

5.        $20,000 from an automotive recycler.

B.       An applicant shall submit a bond in a form prescribed by the Division Director. The Division shall not accept a handwritten bond.

Historical Note

New Section recodified from R17-4-240 at 7 A.A.R. 3483, effective July 20, 2001 (Supp. 01-3). Amended by

final rulemaking at 9 A.A.R. 1864, effective August 2,

2003 (Supp. 03-2).

                    
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