(1) (a) A retail licensee shall post a cash bond or surety bond: (i) in the amount specified in the relevant part under Chapter 6, Specific Retail License Act, 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.
(a) A retail licensee shall post a cash bond or surety bond: (i) in the amount specified in the relevant part under Chapter 6, Specific Retail License Act, for the type of retail license for which the person is applying; and (ii) payable to the department.
(i) in the amount specified in the relevant part under Chapter 6, Specific Retail License Act, 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) 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.
(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. (b) No part of a bond posted by a retail licensee under this section may be withdrawn: (i) during the period the retail license is in effect; or (ii) while a revocation proceeding is pending against the retail licensee.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) 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(b) No part of a bond posted by a retail licensee under this section may be withdrawn: (i) during the period the retail license is in effect; or (ii) while a revocation proceeding is pending against the retail licensee.
(i) during the period the retail license is in effect; or
(ii) while a revocation proceeding is pending against the retail licensee.
(4) (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.
(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.
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