No manufactured housing dealer shall be issued a manufactured housing dealer's license or permitted to operate under such a license unless the manufactured housing dealer has a net worth, verifiable upon request by the commission, in the sum of at least seventy-five thousand dollars. The manufactured housing dealer shall also purchase and maintain a bond in the amount of twenty-five thousand dollars of a surety company authorized to transact business in this state, to which claims may be made to:
(A) Recover any loss a purchaser(s) or prospective purchaser(s) may experience from a loss of their financial down payment due to the dealer's inability to fulfill its contractual obligations to the purchaser(s) or potential purchaser(s); and
(B) Recover any loss incurred by the purchaser, or prospective purchaser, as a result of a conviction of a fraudulent act in a court of competent jurisdiction committed by the applicant, licensee, representative, or salesperson.
Prior History: (Five Year Review (FYR) Dates:
Promulgated Under: 119.03
Statutory Authority: 4781.04
Rule Amplifies: 4781.18(A)(7)
Prior Effective Dates: 07/01/2010, 06/02/2011)