New Jersey Statutes 52:4D-7.1. Requirements for listing in directory of manufacturers
Terms Used In New Jersey Statutes 52:4D-7.1
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
a. The bond shall be posted by corporate surety located within the United States in an amount equaling the greatest required escrow due from the non-participating manufacturer or its predecessor for any of the four preceding calendar years or $25,000, whichever amount is higher;
b. The bond shall be conditioned on the performance by the non-participating manufacturer of all its duties and obligations imposed by section 3 of P.L.1999, c.148 (C. 52:4D-3), section 3 of P.L.2003, c.25 (C. 52:4D-6), section 5 of P.L.2003, c.25 (C. 52:4D-8) and section 6 of P.L.2003, c.25 (C. 52:4D-9);
c. If a non-participating manufacturer that posted a bond has failed to make or have made on its behalf deposits equal to the full amount of escrow owed for a given year, within fifteen days following the due date for the deposit the State may execute upon the bond to recover any amount the non-participating manufacturer failed to deposit into escrow, as well as civil penalties, the costs of investigation, costs of the action and reasonable attorneys’ fees pursuant to subsections a. and c. of section 8 of P.L.2003, c.25 (C. 52:4D-11); and
d. Beginning on April 30, 2015, the bond shall be posted or updated by the end of each quarter of each calendar year as a condition to the inclusion of a non-participating manufacturer and its brand families in the directory of manufacturers, and proof of the sufficiency of such bond shall be submitted quarterly.
L.2014, c.85, s.5.