Arizona Laws 44-1943. Power of commission to require bond from dealer
A. The commission may require that any dealer, other than a dealer that is registered under the securities exchange act of 1934, that is registered or making application for registration under this article deliver a bond, payable to the state with sureties, conditioned on the faithful compliance with this chapter by the dealer, and providing that on failure to comply the dealer shall be liable to any person entitled to recovery by reason thereof. The amount of bond shall be determined by the commission and predicated on the character and size of the business to be conducted, the financial condition and business reputation of the dealer and other factors the commission deems pertinent in the circumstances, but in no instance shall any bond exceed twenty-five thousand dollars in respect to any dealer.
Terms Used In Arizona Laws 44-1943
- Continuance: Putting off of a hearing ot trial until a later time.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: means an individual, corporation, partnership, association, joint stock company or trust, limited liability company, government or governmental subdivision or agency or any other unincorporated organization. See Arizona Laws 44-1801
B. The commission shall recognize and may require the continuance, or increase in amount, of bonds under its jurisdiction.