Before a license is issued, the applicant shall execute and file with the commissioner of commerce a bond to the state of Minnesota in the penal sum of not less than $5,000 nor more than $1,000,000, as fixed by the commissioner of commerce. The bond must be issued by a corporate surety in good standing authorized to do business in this state and must secure the faithful performance of the safe deposit company's contracts of rental or deposit and protect persons doing business with it from the results of its negligence. The bond must enure to the benefit of any one damaged by a breach of a rental or deposit contract or negligence. Each bond, or a substitute like bond, approved by the commissioner of commerce shall be kept on file and maintained in effect by the safe deposit company so long as that company continues to do business. Failure to maintain the bond shall be grounds for revocation of the safe deposit company's license by the commissioner of commerce. No safe deposit company shall lease a safe deposit box or receive valuable personal property for safekeeping or storage until the bond is on file and in force.
(7747-5) 1933 c 340 s 5; 1945 c 114 s 5; 1982 c 473 s 24; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92
Structure Minnesota Statutes
Chapter 55 — Safe Deposit Companies
Section 55.03 — License Required.
Section 55.041 — Annual License Fee.
Section 55.06 — Business Not To Be Conducted Without License.
Section 55.07 — Deposits, How Kept; Accounts Kept.
Section 55.08 — License Posted.
Section 55.095 — Duties Of Commissioner Of Commerce.
Section 55.10 — Liability; Exemptions.
Section 55.11 — Not Charged With Notice Of Fiduciary Relation.