No application may be granted nor a license issued to an applicant for the purpose of selling new vehicles under this chapter until the applicant executes a bond with a corporate surety which has been authorized to do business in this state. The surety shall be in the amount of fifty thousand dollars, payable to the Department of Revenue for the use and benefit of any new vehicle purchaser to pay all damages and expenses that may be occasioned from the applicant’s failure to fulfill warranty obligations. In no event may the liability of the surety in the aggregate exceed the amount of the bond. However, an applicant is exempt from this bond requirement if he has within the county a repair facility and qualified personnel for the purpose of fulfilling new vehicle warranties.

Source: SL 1986, ch 250, § 10; SL 2004, ch 17, § 87; SL 2011, ch 1 (Ex. Ord. 11-1), § 161, eff. Apr. 12, 2011.