32B-11-207 (Effective 07/01/11) - Bond for manufacturing license.
32B-11-207 (Effective 07/01/11). Bond for manufacturing license.
(1) (a) A manufacturing licensee shall post a cash bond or surety bond in the penal sumof $10,000 payable to the department.
(b) A manufacturing licensee shall procure and maintain a bond required by this sectionfor as long as the manufacturing licensee continues to operate as a manufacturing licensee.
(2) A bond posted under this section shall be:
(a) in a form approved by the attorney general; and
(b) conditioned upon a manufacturing licensee's faithful compliance with this title andthe rules of the commission.
(3) If a surety bond posted by a manufacturing licensee under this section is cancelleddue to a manufacturing licensee's negligence, the department may assess a $300 reinstatementfee.
(4) No part of a bond posted under this section may be withdrawn during the period themanufacturing license is in effect.
(5) (a) A bond posted by a manufacturing licensee under this section may be forfeited ifthe manufacturing license is revoked.
(b) Notwithstanding Subsection (5)(a), the department may make a claim against a bondposted by a manufacturing licensee for money owed the department under this title without thecommission first revoking the manufacturing license.
Enacted by Chapter 276, 2010 General Session