45:22-7. Pawnbroker's bond; actions on
Any applicant licensed pursuant to the provisions of this article shall file with the commissioner of banking and insurance, before commencing business, a bond in the sum of one thousand dollars, with one or more sufficient sureties to be approved by the commissioner of banking and insurance. The aggregate liability of such sureties shall not exceed the amount stated in the bond. Such bond shall run to the state of New Jersey for the use of the state and of any other person who may have a cause of action against the principal, as licensee, under the provisions of this article. A separate bond shall be required for each place of business if more than one be conducted by any such licensee. If a judgment be recovered against the licensee in any of the courts of this state, and such judgment be returned unsatisfied, the holder of such judgment or his assignee may, after such return unsatisfied, either in whole or in part, maintain an action in the name of the state for his own use upon such bond in any court having jurisdiction of the amount claimed.
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Last modified: October 11, 2016