(a) An applicant for a dealer registration under Alaska Stat. § 08.66.010 shall file with the application and shall maintain in force while registered a bond in favor of the state that is executed by a surety approved by the commissioner. The amount of the bond shall be $100,000, except that the amount of a bond for a dealer who sells only motorcycles shall be $25,000. The bond must be conditioned on the dealer’s

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Terms Used In Alaska Statutes 08.66.060

  • Fraud: Intentional deception resulting in injury to another.
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
  • writing: includes printing. See Alaska Statutes 01.10.060
(1) doing business in compliance with this chapter and the other laws of this state; and
(2) not committing fraud or making fraudulent representations in the course of doing business as a dealer.
(b) A surety may cancel the bond required by (a) of this section by giving notice in writing to the commissioner or the commissioner’s designee. However, cancellation does not relieve a surety of liability arising before cancellation or a liability that has accrued on the bond before cancellation. The commissioner or the commissioner’s designee shall retain the cancelled bond on file and may not relieve a surety of a liability arising before cancellation or accruing on the bond before cancellation.
(c) A bond filed under (a) of this section is valid for renewal of a dealer registration unless the surety has provided a written notice of cancellation to the commissioner.
(d) In this section, “commissioner” means the commissioner of administration.
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