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This entry was published on 2014-09-22
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Security to be furnished by vendor
General Business (GBS) CHAPTER 20, ARTICLE 37
§ 781. Security to be furnished by vendor. When a vendor undertakes to
build or construct a home for a vendee, and such vendee is required to
pay a deposit to such vendor, the vendor shall post with the chief
fiscal officer of the municipality wherein such home is to be erected or
constructed, a bond in the amount of such deposit or deposits. Such bond
shall be posted within five business days after receipt of said deposit
or deposits, by the vendor, and shall secure the payment of said deposit
to the vendee upon the vendor's default. Such bond shall be in such form
as required by the superintendent of financial services.