06 LC 34
0714S
House
Bill 1075 (COMMITTEE SUBSTITUTE)
By:
Representative Parham of the
141st
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 43-47-8 of the Official Code of Georgia Annotated, relating
to license applications filed with the State Board of Registration of Used Motor
Vehicle Dealers and Used Motor Vehicle Parts Dealers, so as to increase the
amount of the bond for used motor vehicle dealers; to provide for related
matters; to provide an effective date and applicability; to repeal conflicting
laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 43-47-8 of the Official Code of Georgia Annotated, relating to license
applications filed with the State Board of Registration of Used Motor Vehicle
Dealers and Used Motor Vehicle Parts Dealers, is amended by striking subsection
(h) in its entirety and substituting in its place the following:
"(h)
The bond shall be in the amount of
$20,000.00
$35,000.00
for used car dealers and $10,000.00 for used parts dealers and shall be filed,
immediately upon the granting of the license, with the division director by the
licensee and shall be approved by the division director as to form and as to the
solvency of the surety. The prospective licensee may file the required bond
with the division director for the division
directoŕs
approval prior to the granting of a
license."
SECTION
2.
This
Act shall become effective on January 1, 2007, and be applicable to bond
renewals on or after that date.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.