45:18-2 - Amount, term and provisions of bond;Ā renewal;Ā limitation of actions
45:18-2.Ā Amount, term and provisions of bond;Ā renewal;Ā limitation of actions
The bond shall be in the sum of five thousand dollars and shall provide thatĀ the person giving the same shall, upon written demand, pay and turn over to orĀ for the person for whom any account, bill or other indebtedness is taken forĀ collection the proceeds thereof in accordance with the terms of the agreementĀ upon which such account, bill or other indebtedness was received forĀ collection.Ā The board shall be in such form and shall contain such furtherĀ provisions and conditions as the secretary of state deems necessary or properĀ for the protection of the persons for whom the accounts, bills or otherĀ indebtedness are taken for collection, and shall be for the term of one yearĀ from its date and must be renewed annually.Ā No action on the bond shall beĀ begun after two years from the expiration thereof.
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The bond shall be in the sum of five thousand dollars and shall provide thatĀ the person giving the same shall, upon written demand, pay and turn over to orĀ for the person for whom any account, bill or other indebtedness is taken forĀ collection the proceeds thereof in accordance with the terms of the agreementĀ upon which such account, bill or other indebtedness was received forĀ collection.Ā The board shall be in such form and shall contain such furtherĀ provisions and conditions as the secretary of state deems necessary or properĀ for the protection of the persons for whom the accounts, bills or otherĀ indebtedness are taken for collection, and shall be for the term of one yearĀ from its date and must be renewed annually.Ā No action on the bond shall beĀ begun after two years from the expiration thereof.
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