TITLE 10
COMMERCE AND TRADE
Section 1. Selling and Other Trade Practices, 10-1-1 through 10-1-915.
ARTICLE 21
BUYING SERVICES
10-1-593. Conditions of licensure; bonds.
As a condition to the issuance or retention of a license required by this article, each buying service or club shall:
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Comply with such reasonable conditions for the issuance of a license as may be required by the Attorney General pursuant to this article;
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Maintain a bond in the amount of $25,000.00 with a surety company duly authorized to do business in this state or post a cash bond in such amount, payable to the Governor; in either case, such bond shall be for the use and benefit of any person who has entered into a contract for membership in a buying service or club. Such bond shall be conditioned to pay all losses, damages, and expenses that may be sustained by such member by reason of any fraudulent misrepresentation or by reason of any breach of contract by the club; and
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Furnish, if the buying service or club operates buying service activities at more than one physical location in this state, a surety bond for each location of buying service activity, each bond to be in the amount and subject to the conditions stated in paragraph (2) of this Code section.
(Ga. L. 1975, p. 529, § 4; Ga. L. 1979, p. 643, § 2; Ga. L. 1982, p. 1073, §§ 2, 4; Ga. L. 1984, p. 22, § 10; Ga. L. 2015, p. 1088, § 6/SB 148; Ga. L. 2017, p. 774, § 10/HB 323.)
The 2015 amendment,
effective July 1, 2015, substituted "Attorney General" for "administrator" in paragraph (1).
The 2017 amendment,
effective May 9, 2017, part of an Act to revise, modernize, and correct the Code, substituted "payable to the Governor;" for "payable to the Governor of this state;" near the beginning of paragraph (2).
