§ 26-55-224 - Bonds -- Additional bonds -- Conditions for requirement.
26-55-224. Bonds -- Additional bonds -- Conditions for requirement.
(a) In the event that upon a hearing, of which the distributor shall be given five (5) days' notice in writing, the Director of the Department of Finance and Administration shall decide that the amount of the existing bond is insufficient to ensure payment to the State of Arkansas of the amount of the tax and any penalties and interest for which the distributor is or may at any time become liable, then the distributor upon the written demand of the director shall immediately file an additional bond in the same manner and form with a surety company thereon approved by the director in any amount determined by the director to be necessary to secure at all times the payment by such distributor to the State of Arkansas of all taxes, penalties, and interest due under the provisions of this subchapter.
(b) If the distributor fails to do so, the director shall immediately cancel the license certificate of the distributor.