417.415. Bond required for invention developer, when, amount--copy to be filed with department of economic development--cash deposit accepted instead of bond.
Bond required for invention developer, when, amount--copy to befiled with department of economic development--cash deposit acceptedinstead of bond.
417.415. 1. Every invention developer rendering or offering torender invention development services in this state, who has had, or isaffiliated with another who has had, a decree or judgment entered againsthim by a court or agency of a state of the United States, or a court oragency of the United States, resulting from or based on allegations ofmisrepresentation, deception, mishandling of customers' funds, unfair tradepractices, fraud or concealment or omission of facts from others, shallmaintain a bond issued by a surety company admitted to do business in thisstate. The principal sum of the bond shall be twenty-five thousanddollars. The bond shall be payable to the state of Missouri as trusteesfor the customers of the invention developer and shall be conditioned uponcompliance by the invention developer with sections 417.400 to 417.436. Acopy of such bond shall be filed with the director of the department ofeconomic development prior to the time the invention developer firstcommences business in this state. The invention developer shall haveninety days after the end of each fiscal year within which to change thebond as may be necessary to comply with the requirements of this section.
2. Instead of furnishing the bond required by subsection 1 of thissection, the invention developer may deposit with the director of thedepartment of economic development a cash deposit in the like amount. Thiscash deposit may be satisfied by any of the following:
(1) Certificates of deposit payable to the director of the departmentof economic development issued by banks doing business in this state andinsured by the Federal Deposit Insurance Corporation;
(2) Investment certificates of share accounts assigned to thedirector of the department of economic development and issued by a savingsand loan association doing business in this state and insured by theFederal Deposit Insurance Corporation;
(3) Bearer bonds issued by the United States government or by thisstate; or
(4) Cash deposited with the director of the department of economicdevelopment.
(L. 1995 S.B. 80 & 88)