§ 26-55-706 - Bond of applicant.
26-55-706. Bond of applicant.
(a) Before any license application shall be approved by the Director of the Department of Finance and Administration, the applicant shall file a bond, with surety satisfactory to the director, payable to the State of Arkansas and conditioned upon the applicant's compliance with the provisions of this subchapter and the rules and regulations of the director.
(b) (1) The bond shall be in the sum of not less than five hundred dollars ($500) and not more than twenty thousand dollars ($20,000), the amount to be fixed in each case by the director.
(2) However, the amount of any bond may be increased or decreased within the foregoing limits by the director at any time.
(c) No bond shall be cancelled by the surety thereon until the expiration of sixty (60) days after receipt of notice of the cancellation by the director, and the cancellation shall have no retroactive effect.