32B-11-207. Bond for manufacturing license.

207 words·~1 min read·/ut/title-32b/chapter-11/32b-11-207

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A manufacturing licensee shall post a cash bond or surety bond in the penal sum of $10,000 payable to the department.

(b)A manufacturing licensee shall procure and maintain a bond required by this section for 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 and the rules of the commission.

(3)If a surety bond posted by a manufacturing licensee under this section is cancelled due to a manufacturing licensee's negligence, the department may assess a $300 reinstatement fee.

(4)No part of a bond posted under this section may be withdrawn during the period the manufacturing license is in effect.

(a)A bond posted by a manufacturing licensee under this section may be forfeited if the manufacturing license is revoked.

(b)Notwithstanding Subsection (5)(a) , the department may make a claim against a bond posted by a manufacturing licensee for money owed the department under this title without the commission first revoking the manufacturing license.

Enacted by Chapter 276 , 2010 General Session