The director may not issue a certificate of authority to be or act as an automobile service corporation and shall revoke an existing certificate of authority unless the corporation
(1) if a newly formed corporation, possesses sufficient available working funds to pay all reasonably anticipated costs of acquisition of new business and operating expenses, other than losses, for a period of not less than six months following the date of issuance of the certificate of authority;
(2) posts with the director a bond in the amount of $50,000, issued by a corporate surety authorized under this title to act as surety and conditioned upon the organization's faithful fulfillment of its contracts; and
(3) fulfills all other applicable requirements of AS 21.59.010 - 21.59.090.
Section: Previous 21.59.010 21.59.020 21.59.030 21.59.040 21.59.050 21.59.060 21.59.070 21.59.090 NextLast modified: November 15, 2016