(1) Any person required to register with the division pursuant to section 24-32-3323 must comply with any escrow requirements as established by the board through rulemaking. (2) (a) A seller must provide a letter of credit or certificate of deposit issued by a licensed financial institution or surety bond issued by an authorized insurer in an amount and in accordance with the process established by the board by rule. (b) A financial institution or authorized insurer is required to make payment to the division when the division makes a claim against the letter of credit, certificate of deposit, or surety bond: (I) If a court of competent jurisdiction has rendered a final judgment in favor of the division based on a finding that the registered seller failed to: (A) Deliver the manufactured home or tiny home or refund payments made toward the purchase of the manufactured home or of the tiny home as required by this part 33 or board rules; or (B) Provide a reasonable per diem living expense in violation of the contractual provisions required by section 24-32-3325; or (II) If the registered seller ceases business operations or files for bankruptcy. (c) The division may suspend or revoke the registration of any seller that fails to provide a letter of credit, certificate of deposit, or surety bond as required by this subsection (2) or that otherwise fails to pay any judgment by a court of competent jurisdiction in favor of the division.
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