A person licensed as a dealer pursuant to the Boat Act shall file with the state parks division a bond in the amount of fifty thousand dollars ($50,000) unless there is a bond on file with the motor vehicle division of the taxation and revenue department for a motor vehicle dealer's license and such proof is submitted to the state parks division. The bond shall be issued by a corporate surety licensed to conduct business within the state. The bond shall be issued under the condition that the applicant shall not practice fraud or violate any provision of the Boat Act. A person who has obtained a dealer license shall furnish evidence that the person has liability insurance for the established place of business for which the license was obtained.
History: Laws 2003, ch. 410, § 7.
Effective dates. — Laws 2003, ch. 410 contained no effective date provision, but, pursuant to N.M. Const.,art. IV, § 23, was effective June 20, 2003, 90 days after adjournment of the legislature.
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