7-21-2407. Bond in lieu of license fee. (1) In lieu of the license fee prescribed in 7-21-2404, every transient retail merchant who files with the application required in 7-21-2406 an affidavit indicating bona fide intention to become a permanent merchant and continue in business for a period longer than 1 year shall, upon filing and approval of the bond provided for in this section, receive from the county treasurer a license permitting the conduct of such business for a period of 1 year.
     (2) Such bond shall be a surety bond in the sum of $1,000 to said county treasurer.
     (3) (a) The bond shall be executed by a surety company licensed to do business in this state or by two responsible freeholders residing in the county and whose names appear upon the assessment roll of said county.
     (b) In lieu of a bond meeting the requirements of subsection (3)(a), the bond may be a cash bond of equal amount.
     (4) The bond shall be approved by said county treasurer and conditioned upon the performance of the intention to become a permanent merchant and continue in business for a period longer than 1 year and to insure the payment of license fees for the period such business is actually conducted if not in fact a bona fide permanent business. The bond shall be further conditioned upon the delivery of goods ordered or sold in accordance with the terms of such order or sale.
     (5) Such bond shall remain in full force and effect for a period of 6 months after the expiration of the 1-year period.

     History: En. Sec. 4, Ch. 182, L. 1925; re-en. Sec. 2429.4, R.C.M. 1935; R.C.M. 1947, 84-3704(part); amd. Sec. 15, Ch. 220, L. 1985.