32B-2-604. Bond related to package agency.
(1) A package agent who has a consignment liquor inventory owned by the state shall post a: consignment surety bond: payable to the department; and in the amount of the consignment inventory; and cash or surety bond: payable to the department; and in the penal amount of at least $1,000, as the department determines. A package agent who has a consignment liquor inventory shall ensure that a consignment surety bond is conditioned upon a package agent's return of the unsold consignment liquor inventory at the termination of a package agency agreement.
(2) A package agent that owns the package agency's liquor inventory shall post a cash bond or surety bond: in the penal amount of at least $1,000, as the department determines; and payable to the department.
(3) A package agent shall procure and maintain the bond required under this section for as long as the package agent continues to operate as a package agent.
(4) A bond required under this section shall be: in a form approved by the attorney general; and conditioned upon the package agent's faithful compliance with this title, the rules of the commission, and the package agency agreement.
(5) If a surety bond posted by a package agency under this section is canceled due to the package agent's or package agency's negligence, the department may assess a $300 reinstatement fee. No part of a bond posted by a package agent under this section may be withdrawn: during the period the package agency is in effect; or while a revocation of the package agency is pending against the package agent.
(6) A bond posted under this section by a package agent may be forfeited if the package agency is revoked. Notwithstanding Subsection, the department may make a claim against a bond posted by a package agent for money owed the department under this title without the commission first revoking the package agency. (6)(a)