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683
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MARVIN MANDEL, Governor
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CONDUCT A SURETY BUSINESS IN THIS STATE.
(2) IF A BOND IS REQUIRED BY THE
ADMINISTRATION UNDER THIS SUBSECTION, THE BOND SHALL BE
IN AN AMOUNT EQUAL TO ONE AND ONE-HALF TIMES THE VALUE OF
THE VEHICLE, AS DETERMINED BY THE ADMINISTRATION, AND
CONDITIONED TO INDEMNIFY ANY FORMER OWNER OR PERSON WITH
A SECURITY INTEREST IN THE VEHICLE AND ANY SUBSEQUENT
BUYER OR PERSON ACQUIRING ANY SECURITY INTEREST IN THE
VEHICLE, AND THEIR RESPECTIVE SUCCESSORS IN INTEREST,
AGAINST ANY EXPENSE, LOSS, OR DAMAGE, INCLUDING
REASONABLE ATTORNEY'S FEES, BY REASON OF THE ISSUANCE OF
THE CERTIFICATE OF TITLE OF THE VEHICLE OR BY REASON OF
ANY DEFECT IN OR UNDISCLOSED SECURITY INTEREST IN THE
RIGHT, TITLE, AND INTEREST OF THE APPLICANT IN AND TO THE
VEHICLE. EACH OF THESE INTERESTED PERSONS HAS A RIGHT
OF ACTION TO RECOVER ON THE BOND FOR ANY BREACH OF ITS
CONDITIONS, BUT THE AGGREGATE LIABILITY OF ANY SURETY TO
ALL PERSONS MAY NOT EXCEED THE AMOUNT OF THE BOND.
UNLESS THE ADMINISTRATION HAS BEEN NOTIFIED THAT AN
ACTION TO RECOVER ON THE BOND IS PENDING, THE BOND AND
ANY DEPOSIT ACCOMPANYING IT SHALL BE RETURNED EITHER AT
THE END OF 3 YEARS OR, IF THE VEHICLE IS NO LONGER
REGISTERED IN THIS STATE, ON THE EARLIER REQUEST OF THE
OWNER AND THE SURRENDER TO THE ADMINISTRATION OF THE
CERTIFICATE OF TITLE OF THE VEHICLE.
(B) WHEN CERTIFICATE OF INSPECTION REQUIRED FOR
VEHICLE OBTAINED OUTSIDE OF STATE.
IF A PERSON HAS OBTAINED A USED VEHICLE OUTSIDE OF
THIS STATE AND, EXCEPT FOR THE FACT THAT A CERTIFICATE OF
INSPECTION HAS NOT BEEN OBTAINED FOR THE VEHICLE AS
REQUIRED BY TITLE 23 OF THIS ARTICLE, IS ENTITLED TO
REGISTER THE VEHICLE AND RECEIVE A CERTIFICATE OF TITLE
FOR IT IN THIS STATE, THE PERSON MAY APPLY FOR A
CERTIFICATE OF TITLE AND FOR TEMPORARY REGISTRATION OF
THE VEHICLE AS PROVIDED IN §23-107 (E) OF THIS ARTICLE.
(C) WHEN VEHICLE ENGAGED IN INTERSTATE OPERATION.
IF A CERTIFICATE OF TITLE HAS BEEN ISSUED BY ANOTHER
STATE FOR A VEHICLE ENGAGED IN INTERSTATE OPERATION OR
IF A VEHICLE ENGAGED IN INTERSTATE OPERATION IS
REGISTERED IN ANOTHER STATE, THE ADMINISTRATION, IF IT
DETERMINES THAT IT IS NECESSARY OR DESIRABLE TO DO SO,
MAY REGISTER THE VEHICLE IN THIS STATE, WITHOUT
DELIVERING A CERTIFICATE OF TITLE, ON SUBMISSION TO THE
ADMINISTRATION OF THE DOCUMENTS AND SUPPORTING STATEMENTS
THAT THE ADMINISTRATION REASONABLY REQUIRES AND ON
PAYMENT OF THE REQUIRED FEES.
REVISOR'S NOTE: This section presently appears as
Art. 66 1/2, §3-109.
In subsection (a) (1) of this section, the more
correct phrase "withhold delivery" is
substituted for "withhold issuance". This
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