Public-domain · open source
OpenJurist

Conn. Gen. Stat. § 36b-64

(Formerly Sec. 36-507). Surety bond or trust account

Known as the Connecticut Business Opportunity Investment Act

The act spans §§ 36–36 (21 sections).

(P.A. 79-458, S. 5, 19; P.A. 80-262, S. 3, 10; P.A. 97-22, S. 10; P.A. 09-160, S. 4.) History: P.A. 80-262 authorized commissioner to require bond greater than $50,000 if necess…

If the business opportunity seller makes any of the representations set forth in subparagraph (C) of subdivision (2) of section 36b-61 , the seller shall have obtained a surety bond issued by a surety company authorized to do business in this state or shall have established a trust account with a licensed and insured bank or other depository institution located in Connecticut. The amount of such bond or trust account shall be an amount not less than fifty thousand dollars, but the commissioner may require a greater amount if he believes it necessary for the protection of purchaser-investors. Such bond or trust account shall be in favor of the state of Connecticut. Any person who is damaged by any violation of sections 36b-60 to 36b-80 , inclusive, or by the seller's breach of the contract for the business opportunity sale or of any obligation arising under such contract may bring an action against the bond or trust account to recover damages suffered.

Official source: Connecticut General Assembly. Reproduced from public-domain Connecticut statutes; confirm against the official source for the current text. Not legal advice.