West Virginia Code 17A-6D-5 – Applicant must be bonded
An application for a license certificate must be accompanied by a bond in the penal sum of $25,000 and have a corporate surety authorized to do business in this state, to ensure that the applicant will not, in the conduct of his or her business, make any fraudulent representation which causes a financial loss to any purchaser, seller, financial institution, agency or the State of West Virginia. The bond shall be effective on the date the license certificate is issued.
Terms Used In West Virginia Code 17A-6D-5
- Commissioner: means the Commissioner of the Division of Motor Vehicles of this state. See West Virginia Code 17A-1-1
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
A licensee shall keep the bond in full force and effect at all times. The surety on the bond may cancel the bond upon giving thirty days' notice to the commissioner and, after notice of cancellation, the surety is relieved of liability for any breach or condition occurring after the effective date of the cancellation.