32B-5-204 (Effective 07/01/11) - Bond for retail license.
32B-5-204 (Effective 07/01/11). Bond for retail license.
(1) (a) A retail licensee shall post a cash bond or surety bond:
(i) in the amount specified in the relevant part under Chapter 6, Specific Retail LicenseAct, for the type of retail license for which the person is applying; and
(ii) payable to the department.
(b) A retail licensee shall procure and maintain the bond required under this section foras long as the retail licensee continues to operate as a retail licensee.
(2) A bond required under this section shall be:
(a) in a form approved by the attorney general; and
(b) conditioned upon the retail licensee's faithful compliance with this title and the rulesof the commission.
(3) (a) If a surety bond posted by a retail licensee under this section is canceled due to theretail licensee's negligence, the department may assess a $300 reinstatement fee.
(b) No part of a bond posted by a retail licensee under this section may be withdrawn:
(i) during the period the retail license is in effect; or
(ii) while a revocation proceeding is pending against the retail licensee.
(4) (a) A bond posted under this section by a retail licensee may be forfeited if the retaillicense is revoked.
(b) Notwithstanding Subsection (4)(a), the department may make a claim against a bondposted by a retail licensee for money owed the department under this title without thecommission first revoking the retail license.
Enacted by Chapter 276, 2010 General Session