§ 32B-5-204 — Bond for retail license.

(1) (1)(a) A retail licensee shall post a cash bond or surety bond:
(1)(a)(i) in the amount specified in the relevant chapter or part for the type of retail license for which the person is applying; and
(1)(a)(ii) payable to the department.
(1)(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:

(2)(a) in a form approved by the attorney general; and
(2)(b) conditioned upon the retail licensee's faithful compliance with this title and the rules of the commission.
(3) (3)(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.
(3)(b) No part of a bond posted by a retail licensee under this section may be withdrawn:
(3)(b)(i) during the period the retail license is in effect; or
(3)(b)(ii) while a revocation proceeding is pending against the retail licensee.
(4) (4)(a) A bond posted under this section by a retail licensee may be forfeited if the retail license is revoked.
(4)(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.

Legislative History

Amended by Chapter 219, 2020 General Session