Missouri Laws 417.415 – Bond required for invention developer, when, amount — copy to be filed with ..
1. Every invention developer rendering or offering to render invention development services in this state, who has had, or is affiliated with another who has had, a decree or judgment entered against him by a court or agency of a state of the United States, or a court or agency of the United States, resulting from or based on allegations of misrepresentation, deception, mishandling of customers’ funds, unfair trade practices, fraud or concealment or omission of facts from others, shall maintain a bond issued by a surety company admitted to do business in this state. The principal sum of the bond shall be twenty-five thousand dollars. The bond shall be payable to the state of Missouri as trustees for the customers of the invention developer and shall be conditioned upon compliance by the invention developer with sections 417.400 to 417.436. A copy of such bond shall be filed with the director of the department of economic development prior to the time the invention developer first commences business in this state. The invention developer shall have ninety days after the end of each fiscal year within which to change the bond as may be necessary to comply with the requirements of this section.
2. Instead of furnishing the bond required by subsection 1 of this section, the invention developer may deposit with the director of the department of economic development a cash deposit in the like amount. This cash deposit may be satisfied by any of the following:
Terms Used In Missouri Laws 417.415
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Fraud: Intentional deception resulting in injury to another.
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
- United States: includes such district and territories. See Missouri Laws 1.020
(1) Certificates of deposit payable to the director of the department of economic development issued by banks doing business in this state and insured by the Federal Deposit Insurance Corporation;
(2) Investment certificates of share accounts assigned to the director of the department of economic development and issued by a savings and loan association doing business in this state and insured by the Federal Deposit Insurance Corporation;
(3) Bearer bonds issued by the United States government or by this state; or
(4) Cash deposited with the director of the department of economic development.