{"data":{"id":"us-ak/as-08.66.060","jurisdiction":"us-ak","citation":"AS 08.66.060","heading":"Bond.","body":"(a) An applicant for a dealer registration under AS 08.66.010 shall file with the application and shall maintain in force while registered a bond in favor of the state that is executed by a surety approved by the commissioner. The amount of the bond shall be $100,000, except that the amount of a bond for a dealer who sells only motorcycles shall be $25,000. The bond must be conditioned on the dealer's\n(1) doing business in compliance with this chapter and the other laws of this state; and\n(2) not committing fraud or making fraudulent representations in the course of doing business as a dealer.\n(b) A surety may cancel the bond required by (a) of this section by giving notice in writing to the commissioner or the commissioner's designee. However, cancellation does not relieve a surety of liability arising before cancellation or a liability that has accrued on the bond before cancellation. The commissioner or the commissioner's designee shall retain the cancelled bond on file and may not relieve a surety of a liability arising before cancellation or accruing on the bond before cancellation.\n(c) A bond filed under (a) of this section is valid for renewal of a dealer registration unless the surety has provided a written notice of cancellation to the commissioner.\n(d) In this section, “commissioner” means the commissioner of administration.","path":["Title 8. Business and Professions.","Chapter 66. Motor Vehicle Dealers and Buyers' Agents."],"source_url":"https://www.akleg.gov/basis/statutes.asp#08.66.060","current_through":"Alaska Statutes 2025 (34th Legislature, 2025-2026)","vintage":"","retrieved_at":"2026-09-02T06:16:30Z","sha256":"35bfcd93a8613a7cc43c7411ca371bf03dbf4803fd9d247f1e3d80610c7bc715","source_id":"us-ak","stale":false,"prev":"us-ak/as-08.66.050","next":"us-ak/as-08.66.070"},"notice":"GroundRules: Original legal text. Not legal advice."}