2006 Utah Code - 32A-11-105 — Bond.

     32A-11-105.   Bond.
     (1) Each wholesaling licensee shall post a cash or corporate surety bond in the penal sum of $10,000 payable to the department, which the licensee has procured and must maintain for so long as the licensee continues to operate as a wholesaling licensee.
     (2) The bond shall be in a form approved by the attorney general, conditioned upon the licensee's faithful compliance with this title and the rules of the commission.
     (3) If the surety bond is canceled due to the licensee's negligence, a $300 reinstatement fee may be assessed. No part of any cash bond so posted may be withdrawn during the period the license is in effect. A bond filed by a licensee may be forfeited if the license is finally revoked.

Renumbered and Amended by Chapter 23, 1990 General Session