Any dealer required to be bonded by the provisions of title 39 whose bond is canceled by the surety company shall file a new bond with the department before the effective date of the cancellation. The effective date of a bond cancellation must be thirty days after notification by certified mail to the department from the surety company. Any dealer failing to maintain a current surety bond with the department shall return the dealer's license and dealer's plates to the department on or before the effective date of the cancellation. Failure to return the dealer's license or dealer's plates results in automatic revocation by operation of law. The department may order the superintendent to take possession of any dealer's license or dealer's plates not returned to the department as required in this section. The department shall reinstate the dealer's license and dealer's plates if a new bond is received within thirty days of the revocation.
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