HAR §4-48-14. Special bonding requirement

(a) An applicant for a commission merchant or broker license who previously has had a commission merchant, dealer, broker, agent, processor, or retail merchant license suspended shall post a $10,000 surety bond before the commission merchant or broker license applied for is issued. The $10,000 surety bond requirement shall apply for a period of three years, after which time the applicant shall be subject to the bonding requirement in section 4-48-2(e). (b) An applicant for a dealer, agent, processor, or retail merchant license who previously has had a license suspended shall post a $5,000 surety bond before the license applied for is issued. The $5,000 surety bond requirement shall apply for a period of three years. (c) The surety bond required under this section shall be executed by the applicant as principal and issued by a surety company qualified and authorized to 48-9 '4-48- do business in this State as surety. (d) Any license issued in conjunction with the surety bond required under this section shall be declared void on the date of cancellation of the posted surety bond. [Eff 1/16/84; am and comp 3/24/86] (Auth: HRS '145-15) (Imp: HRS '145-15)