(1) To be issued a buyer agent's license, an applicant must procure and file with the executive director evidence of a savings account, deposit, or certificate of deposit meeting the requirements of section 11-35-101 or a good and sufficient bond in the amount of five thousand dollars with a corporate surety duly licensed to do business within the state and approved as to form by the attorney general. The bond shall be available to ensure that the applicant shall perform in good faith as a buyer agent without fraud and without violating any provision of this part 1 related to fraud that is designated by the executive director by rule.
All bonds required pursuant to this section shall be renewed annually at such time asthe bondholder's license is renewed. The renewal may be done through a continuation certificate issued by the surety.
No corporate surety shall be required to make any payment to any person claimingunder the bond until a final determination of fraud has been made by the executive director or by a court of competent jurisdiction.
Source: L. 2018: Entire article added with relocations, (SB 18-030), ch. 7, p. 59, § 2, effective October 1. L. 2020: (1) and (3) amended, (SB 20-140), ch. 225, p. 1103, § 3, effective September 14.
Editor's note: (1) This section is similar to former § 12-6-112.2 as it existed prior to 2018.
(2) Section 8 of chapter 225 (SB 20-140), Session Laws of Colorado 2020, provides that the act changing this section applies to offenses committed on or after September 14, 2020.