32B-2-604 (Effective 07/01/11) - Bond related to package agency.
32B-2-604 (Effective 07/01/11). Bond related to package agency.
(1) (a) A package agent who has a consignment liquor inventory owned by the state shallpost a consignment surety bond payable to the department in the amount of the consignmentinventory.
(b) A consignment surety bond shall be conditioned upon a package agent's return of theunsold consignment liquor inventory at the termination of a package agency agreement.
(2) (a) A package agent that owns the package agency's liquor inventory shall post a cashbond or surety bond:
(i) in the penal amount fixed by the department, except that the penal amount shall be atleast $1,000; and
(ii) payable to the department.
(3) A package agent shall procure and maintain the bond required under this section foras long as the package agent continues to operate as a package agent.
(4) A bond required under this section shall be:
(a) in a form approved by the attorney general; and
(b) conditioned upon the package agent's faithful compliance with this title, the rules ofthe commission, and the package agency agreement.
Enacted by Chapter 276, 2010 General Session