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CT SB00703

Bill

Official Source

Status

Introduced

1/24/2011

Primary Sponsor

Anthony Guglielmo

Click for details

Origin

Senate

2011 General Assembly

AI Summary

  • Reduces the surety bond requirement for used car dealer's license applicants from $50,000 to $20,000
  • Maintains the $50,000 surety bond requirement for new car dealer's license applicants
  • Keeps existing surety bond amounts for repairers ($5,000), limited repairers ($5,000), and leasing/rental businesses ($10,000)
  • Effective date: October 1, 2011
  • Bonds remain conditioned on compliance with state and federal laws and serve as indemnity for aggrieved parties

Legislative Description

An Act Reducing The Surety Bond Requirement For A Used Car Dealer's License.

Last Action

Public Hearing 02/18

2/14/2011

Committee Referrals

Transportation1/24/2011

Full Bill Text

No bill text available