Arkansas § 26-57-1308 Bond

Arkansas Statutes

§ 26-57-1308 — Bond

(a)(1) A nonparticipating manufacturer shall post a bond with the Attorney General as a condition of the inclusion of its brand families in the state directory.

(2)Proof that the bond has been posted shall be submitted as part of the annual and quarterly certifications required by this subchapter.

(b)The bond shall be in effect at least ten (10) days in advance of each calendar quarter.

(c)The amount of the bond shall be the greater of:

(1)The highest required escrow amount due from the nonparticipating manufacturer or its predecessor for any one (1) of the twelve (12) previous calendar quarters; or (2) Fifty thousand dollars ($50,000).

(d)The bond shall be written in favor of the State of Arkansas and shall be conditioned on the performance by the nonparticipating manufacturer of al

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(a) (1) A nonparticipating manufacturer shall post a bond with the Attorney General as a condition of the inclusion of its brand families in the state directory. (2) Proof that the bond has been posted shall be submitted as part of the annual and quarterly certifications required by this subchapter. (b) The bond shall be in effect at least ten (10) days in advance of each calendar quarter. (c) The amount of the bond shall be the greater of: (1) The highest required escrow amount due from the nonparticipating manufacturer or its predecessor for any one (1) of the twelve (12) previous calendar quarters; or (2) Fifty thousand dollars ($50,000). (d) The bond shall be written in favor of the State of Arkansas and shall be conditioned on the performance by the nonparticipating manufacturer of all obligations imposed under §§ 26-57-260 and 26-57-261 , including any fees, penalties, or related financial obligations. (e) (1) If a nonparticipating manufacturer that posted a bond has failed to make or have made on its behalf deposits equal to the full amount owed for a quarter within fifteen (15) days following the due date of the quarter, the state may execute on the bond in the amount equal to any amount of the escrow due. (2) Amounts that the state collects on a bond shall be general revenue of the state and shall reduce the amount of escrow due from that nonparticipating manufacturer in the dollar amount collected. (3) Escrow obligations above the amount collected on the bond remain due from that nonparticipating manufacturer and from the importers that sold its cigarettes during that calendar quarter. (f) (1) The state may also execute on the bond after having obtained a judgment against a nonparticipating manufacturer. (2) Any financial obligations, including fees and penalties, recoverable under §§ 26-57-260 and 26-57-261 shall be covered by the bond. (3) Any amounts collected on the bond shall first be allocated to reduce any escrow obligation by payment into the State Treasury. (g) The Attorney General may adopt rules necessary to implement this section.

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