SECTION 765:20-1-5. Bond and insurance

(a)   Bond. Each applicant for a wholesale used motor vehicle dealer's license 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)   Insurance. A wholesale used motor vehicle dealer shall maintain a minimum of Twenty-Five Thousand Dollars ($25,000) single limit liability insurance on all vehicles in accordance with the financial responsibility laws of the State of Oklahoma. Should the insurance be cancelled or expire or otherwise lapse for any reason, the wholesale dealer's license shall be revoked as of the date of cancellation, expiration, or lapse unless new insurance is furnished prior to such date.

[Source: Amended at 18 Ok Reg 697, eff 12-28-00 (emergency); Amended at 18 Ok Reg 2903, eff 6-25-01]