As a condition to the issuance or retention of a license required by this article, each buying service or club shall:
(1) Comply with such reasonable conditions for the issuance of a license as may be required by the Attorney General pursuant to this article;
(2) Maintain a bond in the amount of $25,000.00 with a surety company duly authorized to do business in this state or post a cash bond in such amount, payable to the Governor of this state; in either case, such bond shall be for the use and benefit of any person who has entered into a contract for membership in a buying service or club. Such bond shall be conditioned to pay all losses, damages, and expenses that may be sustained by such member by reason of any fraudulent misrepresentation or by reason of any breach of contract by the club; and
(3) Furnish, if the buying service or club operates buying service activities at more than one physical location in this state, a surety bond for each location of buying service activity, each bond to be in the amount and subject to the conditions stated in paragraph (2) of this Code section.
Section: Previous 10-1-590 10-1-591 10-1-592 10-1-593 10-1-594 10-1-595 10-1-596 10-1-597 10-1-598 10-1-599 10-1-600 10-1-601 10-1-602 10-1-603 10-1-604 NextLast modified: October 14, 2016