OCCUPATIONS AND PROFESSIONS
NEW HAMPSHIRE REAL ESTATE PRACTICE ACT
No principal or managing broker's license shall be issued or renewed until the applicant gives to the commission a surety bond in any form approved by the commission in a sum of not less than $25,000, executed by the applicant and by a surety company authorized to do business in this state. The bond shall be payable to the state of New Hampshire, for the benefit of any person aggrieved, and shall be conditioned upon the faithful accounting by the broker for all funds entrusted to the broker in the broker's capacity as a principal or managing real estate broker. Any person so aggrieved may bring suit on the bond in the aggrieved person's own name; provided, however, that the aggregate liability of the surety to all persons shall, in no event, exceed the sum of such bond. The commission may revoke the license of any principal or managing broker whenever the bond filed by the broker ceases to be in full force and effect.
Source. 1993, 348:1. 1997, 248:3. 2000, 311:8. 2003, 268:4, eff. Sept. 13, 2003.