781 - Security to be furnished by vendor.

§ 781. Security to be furnished by vendor. When a vendor undertakes to  build  or  construct a home for a vendee, and such vendee is required to  pay a deposit to such vendor, the  vendor  shall  post  with  the  chief  fiscal officer of the municipality wherein such home is to be erected or  constructed, a bond in the amount of such deposit or deposits. Such bond  shall  be posted within five business days after receipt of said deposit  or deposits, by the vendor, and shall secure the payment of said deposit  to the vendee upon the vendor's default. Such bond shall be in such form  as required by the superintendent of insurance.