Okla. Admin. Code § 465:20-5-5

Current through Vol. 42, No. 4, November 1, 2024

Section 465:20-5-5 - [Effective until 9/14/2025] Bond and insurance

(a)Vendor's bond. Each applicant for an authorized temporary license plate vendor, for the purpose of conducting a business to issue a temporary license plate shall file with the Commission a good and sufficient bond in the amount of Fifty Thousand Dollars ($50,000) as set forth in 47 O.S. § 1137.4(D). The bond shall be approved as to form by the Attorney General. The bond form shall contain provisions relating to the bond amount, parties responsible for payment of bond claims, parties who may make claims on bonds and priorities of claimants, if applicable.

(b)Liability insurance. Each applicant for a temporary license plate vendor shall be required to furnish and in the event a registration is issued, keep in force, a minimum of One Million Dollars ($1,000,000) commercial liability insurance coverage as set forth in 47 O.S. § 1137.4(D). The insurance as required by this section shall be maintained throughout the period of licensure. Should the insurance be cancelled or expire for any reason, the registration shall be revoked as of the date of cancellation or expiration unless new insurance is furnished prior to such date.

Adopted by Oklahoma Register, Volume 42, Issue 2, October 1, 2024, eff. 8/27/2024, exp. 9/14/2025 (Emergency)