{"data":{"id":"us-nc/n.c.-gen.-stat.-143-143.12","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 143-143.12","heading":"Bond required.","body":"(a)\tA person licensed as a manufactured home salesperson shall not be required to furnish a bond, but each applicant approved by the Board for license as a manufacturer, dealer, or set-up contractor shall furnish a corporate surety bond, cash bond or fixed value equivalent in the following amounts:\n(1)\tFor a manufacturer, two thousand dollars ($2,000) per manufactured home manufactured in the prior license year, up to a maximum of one hundred thousand dollars ($100,000). When no manufactured homes were produced in the prior year, the amount required shall be based on the estimated number of manufactured homes to be produced during the current year.\n(2)\tFor a dealer who has one place of business, the amount shall be thirty-five thousand dollars ($35,000).\n(3)\tFor a dealer who has more than one place of business, the amount shall be twenty-five thousand dollars ($25,000) for each additional place of business.\n(4)\tFor a set-up contractor, the amount shall be ten thousand dollars ($10,000).\n(b)\tA corporate surety bond shall be approved by the Board as to form and shall be conditioned upon the obligor faithfully conforming to and abiding by the provisions of this Part. A cash bond or fixed value equivalent shall be approved by the Board as to form and terms of deposits in order to secure the ultimate beneficiaries of the bond. A corporate surety bond shall be for a one-year period, and a new bond or a proper continuation certificate shall be delivered to the Board at the beginning of each subsequent one-year period.\n(c)\tAny buyer of a manufactured home who suffers any loss or damage by any act of a licensee that constitutes a violation of this Part may institute an action to recover against the licensee and the surety.\n(d)\tThe Board may adopt rules to assure satisfaction of claims. (1981, c. 952, s. 2; 1985, c. 487, s. 2; 1987, c. 429, s. 19; c. 827, s. 223; 1999-393, s. 1; 2000-122, s. 8; 2005-451, s. 1.)","path":["Chapter 143. State Departments, Institutions, and Commissions","Article 9A. North Carolina Manufactured Housing Board - Manufactured Home Warranties.","Part 1. Duties, Warranties, Purchase Transaction."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_143/GS_143-143.12.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:22:33Z","sha256":"b889b348e760b5486d90559ec23e9e4388a8a872dca89fea47a04b4cdb718536","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-143-143.11b","next":"us-nc/n.c.-gen.-stat.-143-143.13"},"notice":"GroundRules: Original legal text. Not legal advice."}