Would appear to repeal the surety bond requirement for cemetery salespersons and brokers. Current law requires a surety bond ($100,000 maximum) from such persons if they have committed violations of the law, been convicted of a felony or misdemeanor for fraud or any conviction involving real estate transactions, or if they had an administrative order entered against them. Status: 1/25/10 – In Senate; referred to Rules; read second time
The Surety bond amount of $100,000 makes it virtually impossible for the principal to qualify unless they have a net worth of $250,000. Instead of abolishing the law they should consider lowering the maximum amount required.
S 1177 – Cemetery Salespersons and Brokers.
Tags: arizona, surety bond
