§ 15-21. Bond or letter of credit.

(a)

Every dealer, at the time of obtaining a permit under division 2 of this article, shall enter into a recognizance in favor of the board of supervisors, secured by a corporate surety authorized to do business in this commonwealth, in the penal sum of ten thousand dollars ($10,000.00) conditioned upon due observance of the terms of this article. In lieu of a bond, a dealer may cause to be issued, by a bank authorized to do business in the commonwealth, a letter of credit in favor of the board of supervisors, in the sum of ten thousand dollars ($10,000.00).

(b)

A single bond upon an employer or principal may be written or a single letter of credit issued under this section to cover all employees and all transactions occurring at a single location.

(c)

If any person shall be aggrieved by the misconduct of any dealer who has violated the provisions of this article, he may maintain an action for recovery in any court of proper jurisdiction against such dealer and his surety, provided that recovery against the surety shall be only for that amount of the judgment, if any, which is unsatisfied by the dealer.

State Law reference— Similar provisions, Code of Virginia, §§ 54.1-4106, 54.1-4107.

State law reference

Similar provisions, Code of Virginia, §§ 54.1-4106, 54.1-4107.