If a deposit is given instead of the bond required by Section 11710 both of the following apply:
(a) (1) The director may order the deposit returned at the expiration of any of the following dates:
(A) Three years from the date an applicant for a dealer’s license who has operated a business of selling vehicles under a temporary permit has ceased to do business.
(B) Three years from the date a licensee has ceased to be licensed, if the director is satisfied that there are no outstanding claims against the deposit.
(C) Five years from the date a licensee secured and maintained a dealer bond, pursuant to Section 11710, after posting a deposit, if the director is satisfied that there are no outstanding claims against the deposit.
(2) A judge of a superior court may order the return of the deposit prior to the expiration of the dates provided in paragraph (1) upon evidence satisfactory to the judge that there are no outstanding claims against the deposit.
(b) If either the director, department, or state is a defendant in any action instituted to recover all or any part of the deposit, or any action is instituted by the director, department, or state to determine those entitled to any part of the deposit, the director, department, or state shall be paid reasonable attorney fees and costs from the deposit. Costs shall include those administrative costs incurred in processing claims against the deposit.
(Amended by Stats. 2010, Ch. 483, Sec. 2. (SB 1004) Effective January 1, 2011.)
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