32B-5-204. Bond for retail license.
246 words·~1 min read·
/ut/title-32b/chapter-5/32b-5-204A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/12/2020
32B-5-204. Bond for retail license.
(a)A retail licensee shall post a cash bond or surety bond:
(i)in the amount specified in the relevant chapter or part 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 for as 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 rules of the commission.
(a)If a surety bond posted by a retail licensee under this section is canceled due to the retail 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(b)No part of a bond posted by a retail licensee under this section may be withdrawn: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.
(a)A bond posted under this section by a retail licensee may be forfeited if the retail license is revoked.
(b)Notwithstanding Subsection (4)(a) , the department may make a claim against a bond posted by a retail licensee for money owed the department under this title without the commission first revoking the retail license.
Amended by Chapter 219 , 2020 General Session