Effective - 28 Aug 1995
417.415. Bond required for invention developer, when, amount — copy to be filed with department of economic development — cash deposit accepted instead of bond. — 1. Every invention developer rendering or offering to render invention development services in this state, who has had, or is affiliated with another who has had, a decree or judgment entered against him by a court or agency of a state of the United States, or a court or agency of the United States, resulting from or based on allegations of misrepresentation, deception, mishandling of customers' funds, unfair trade practices, fraud or concealment or omission of facts from others, shall maintain a bond issued by a surety company admitted to do business in this state. The principal sum of the bond shall be twenty-five thousand dollars. The bond shall be payable to the state of Missouri as trustees for the customers of the invention developer and shall be conditioned upon compliance by the invention developer with sections 417.400 to 417.436. A copy of such bond shall be filed with the director of the department of economic development prior to the time the invention developer first commences business in this state. The invention developer shall have ninety days after the end of each fiscal year within which to change the bond as may be necessary to comply with the requirements of this section.
2. Instead of furnishing the bond required by subsection 1 of this section, the invention developer may deposit with the director of the department of economic development a cash deposit in the like amount. This cash deposit may be satisfied by any of the following:
(1) Certificates of deposit payable to the director of the department of economic development issued by banks doing business in this state and insured by the Federal Deposit Insurance Corporation;
(2) Investment certificates of share accounts assigned to the director of the department of economic development and issued by a savings and loan association doing business in this state and insured by the Federal Deposit Insurance Corporation;
(3) Bearer bonds issued by the United States government or by this state; or
(4) Cash deposited with the director of the department of economic development.
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(L. 1995 S.B. 80 & 88)