32B-5-204. Bond for retail license.
(1) A retail licensee shall post a cash bond or surety bond: in the amount specified in the relevant chapter or part for the type of retail license for which the person is applying; and payable to the department. 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: in a form approved by the attorney general; and conditioned upon the retail licensee's faithful compliance with this title and the rules of the commission.
(3) 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. No part of a bond posted by a retail licensee under this section may be withdrawn: during the period the retail license is in effect; or while a revocation proceeding is pending against the retail licensee.
(4) A bond posted under this section by a retail licensee may be forfeited if the retail license is revoked. Notwithstanding Subsection, 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. (4)(a)