SECTION 765:10-1-5. Bond and insurance

(a)   Dealer bond. Each applicant for a used motor vehicle dealer's license, used motor vehicle auction or for the purpose of conducting a used motor vehicle business which will consist primarily of non-auction consignment sales shall procure and file with the Commission a good and sufficient bond in the amount required by law. The bond shall be approved as to form by the Attorney General. The bond form shall contain provisions relating to the bond amount, parties responsible for payment of bond claims, parties who may make claims on bonds and priorities of claimants, if applicable.

(b)   Liability insurance. Each applicant for a used motor vehicle dealer's license shall be required to furnish and in the event a license is issued, keep in force, a minimum of Twenty-five Thousand Dollars ($25,000) single limit liability insurance coverage on all vehicles offered for sale or used in any other capacity in demonstrating or utilizing the streets and roadways of Oklahoma in accordance with the financial responsibility laws of the State of Oklahoma. The insurance as required by this section shall be maintained throughout the period of licensure. Should the insurance be cancelled or expire for any reason, the license shall be revoked as of the date of cancellation or expiration unless new insurance is furnished prior to such date.

[Source: Amended at 18 Ok Reg 696, eff 12-28-00 (emergency); Amended at 18 Ok Reg 2903, eff 6-25-01]