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Code of Alabama — Title 40 (Revenue and Taxation)

Ala. Code § 40-12-414

License - Proof of Financial Responsibility

Official textalison.legislature.state.al.us

# (a)

Except as provided in subsection (b), every person, firm, or corporation, before being licensed under this article, must show proof of responsibility by depositing with the Commissioner of Revenue a continuing bond in the amount prescribed in Section 40-12-398 with surety thereon of a company authorized to do business in the State of Alabama, which bond shall be approved by the Commissioner of Revenue, payable to the State of Alabama, and shall be conditioned upon the faithful observance of all the provisions of this article and shall also indemnify any person who suffers any loss by reason of a failure to observe the provisions of this article.

# (b)

The department, by rule, may permit a surety bond obtained pursuant to Section 40-12-398, to serve in lieu of the surety bond prescribed in subsection (a).

Last amended: Acts 1979, No. 79-756, p. 1342, §5; Acts 1981, No. 81-811, p. 1449, §1; Acts 1991, No. 91-321, p. 595, §1; Act 2015-362, §2.

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In this chapter (40 sections)
  1. 40-12-370 · Eligibility; Scope
  2. 40-12-371 · State License
  3. 40-12-372 · County License
  4. 40-12-373 · Municipal License
  5. 40-12-374 · Duty of Officials; Form of License; Penalty for Transfer
  6. 40-12-375 · Corporations, Associations and Partnerships; Certain…
  7. 40-12-376 · Fraudulently Obtaining License
  8. 40-12-377 · Penalty for Violation by Officials
  9. 40-12-390 · Definitions
  10. 40-12-391 · License - Generally
  11. 40-12-392 · License - Applications; Inspection of Records; Restrictions…
  12. 40-12-392.1 · License — Adjustment of Application Fees; Biennial License
  13. 40-12-393 · License - Disposition of Fees Collected
  14. 40-12-395 · License - Supplemental Licenses; Off-Site Sales
  15. 40-12-396 · License - Suspension or Revocation; Reasons for Revocation…
  16. 40-12-398 · Bond Prerequisite to Issuance of License
  17. 40-12-399 · Records to Be Kept by Licensees
  18. 40-12-400 · Violations of Article
  19. 40-12-401 · Licensing of Off-Road Vehicle Dealers
  20. 40-12-410 · Definitions
  21. 40-12-411 · License - Required
  22. 40-12-412 · License - Application
  23. 40-12-413 · License - Fee
  24. 40-12-414 · License - Proof of Financial Responsibility
  25. 40-12-415 · License - Term; Renewal
  26. 40-12-416 · License - Refusal, Cancellation, or Revocation - Authority…
  27. 40-12-418 · Other Licenses Not Required
  28. 40-12-419 · Records to Be Kept; Inspection of Records
  29. 40-12-420 · Transfer of Motor Vehicle Certificate of Title to or from…
  30. 40-12-421 · Restrictions on Sales at Salvage Pools or Salvage Disposal…
  31. 40-12-422 · Salvage Dealers Licensed in Other States
  32. 40-12-423 · License Plates from Dismantled Vehicles to Be Forwarded to…
  33. 40-12-424 · Penalty
  34. 40-12-425 · Injunctive Relief
  35. 40-12-445 · Definitions
  36. 40-12-446 · License Required; Application; Recordkeeping
  37. 40-12-447 · License Fee; Expiration and Renewal
  38. 40-12-448 · Surety Bond
  39. 40-12-449 · Suspension, Revocation, or Denial of License
  40. 40-12-450 · Violations
Full table of contents →