32A-4a-205 (Repealed 07/01/11) - Bond.
32A-4a-205 (Repealed 07/01/11). Bond.
(1) (a) A resort licensee shall procure and post a cash or corporate surety bond payable tothe department in the penal sum of $25,000.
(b) A resort licensee shall maintain the bond described in Subsection (1)(a) for as long asthe resort licensee operates as a resort licensee.
(c) A resort licensee is not required to have a separate bond for each sublicense, exceptthat the aggregate of any bonds posted by the resort licensee shall cover each sublicense underthe resort license.
(2) A bond described in Subsection (1) shall be in a form approved by the attorneygeneral, conditioned upon the resort licensee's faithful compliance with this title and the rules ofthe commission.
(3) (a) If a bond described in Subsection (1) is canceled due to a resort licensee'snegligence, the commission may assess a $300 reinstatement fee.
(b) No part of a bond described in Subsection (1) may be withdrawn:
(i) during the period a resort license is in effect; or
(ii) while a revocation proceeding is pending against the resort licensee that posts thebond.
(c) A bond filed by a resort licensee may be forfeited if the resort license is revoked.
Repealed by Chapter 276, 2010 General Session
Enacted by Chapter 383, 2009 General Session