Alaska § 06.50.040 - Bond.
Full text of Alaska Alaska Statutes § 06.50.040 — Bond., with citation guidance and answers to common questions.
§ 06.50.040. Bond.
(a) An applicant for a license shall file with the application a bond (1) in a form to be approved by the department;
(2) in which the applicant is the obligor; and
(3) in the sum of $25,000 for a business with one location and $50,000 for a business with more than one location.
(b) Only one bond is required for an application for a business with more than one location.
(c) The bond required by (a) of this section is for the use of the state and a person who may have a cause of action against the obligor under this chapter.
(d) The bond must state that the obligor will (1) faithfully conform to and abide by the provisions of this chapter and regulations adopted by the department under this chapter; and
(2) pay to the state and to a person all money that may become due or owing to the state or to the person from the applicant under this chapter.
(e) The bond must remain in effect for three years following the denial of a renewal of a license or the expiration of a license.
(f) If, at any time, the department finds that a bond filed under (a) of this section is unsatisfactory for any reason, the department may require the licensee to file, within 10 days after the receipt of a written demand, an additional bond to comply with this section.
(g) The licensee shall file a new bond that complies with this section each time a license is renewed.
Frequently Asked Questions About Alaska § 06.50.040
What does Alaska Statutes § 06.50.040 cover?
Section 06.50.040 ("Bond.") is part of the Alaska Statutes, the codified statutory law of Alaska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alaska § 06.50.040?
A common citation format is "Alaska Statutes § 06.50.040" (Alaska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 06.50.040 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alaska.