Conn. Gen. Stat. § 36b-64
(Formerly Sec. 36-507). Surety bond or trust account
Connecticut · General Statutes of Connecticut Chapter 672c — Business Opportunity Investment Act · Status: effective
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- Citation
- Conn. Gen. Stat. § 36b-64, (Formerly Sec. 36-507). Surety bond or trust account, Connecticut, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2201432
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Full text
If the business opportunity seller makes any of the representations set forth in subparagraph (C) of subdivision (2) of section 36b-61, the seller shall have obtained a surety bond issued by a surety company authorized to do business in this state or shall have established a trust account with a licensed and insured bank or other depository institution located in Connecticut. The amount of such bond or trust account shall be an amount not less than fifty thousand dollars, but the commissioner may require a greater amount if he believes it necessary for the protection of purchaser-investors. Such bond or trust account shall be in favor of the state of Connecticut. Any person who is damaged by any violation of sections 36b-60 to 36b-80, inclusive, or by the seller's breach of the contract for the business opportunity sale or of any obligation arising under such contract may bring an action against the bond or trust account to recover damages suffered.