Bond required for rebuilding salvaged vehicles and when it can be lost

(a) Any motor vehicle repair dealer desiring to engage in the business of restoring or rebuilding salvaged, wrecked, or dismantled vehicles shall submit to the board a performance bond, with corporate surety satisfactory to the board. The amount of the bond shall be not less than $25,000 and the condition of the bond shall be the satisfactory rebuilding or restoration of salvaged, wrecked, or dismantled vehicles. (b) When the board finds that a licensee has wilfully departed from or disregarded accepted practices of workmanship with respect to work performed under section 437B-11(11), the board may, in accordance with chapter 91, order the forfeiture to the State of the performance bond submitted under subsection (a). (c) Failure, refusal, or neglect to maintain in full force and effect a bond shall cause the automatic suspension of the license effective as of the date of expiration or cancellation of the bond. The license shall not be reinstated until a bond as required under this section is received by the board. Failure to effect a reinstatement of a suspended license within sixty days of the suspension shall cause the license to be terminated, thereby forfeiting all license and biennial renewal fees. A licensee may, within fifteen calendar days after receipt of notification of the license termination, request an administrative hearing pursuant to chapter 91 to review the termination.