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26-55-226. Bonds — Release or discharge of surety.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-55-226. Bonds — Release or discharge of surety.
(a)(1) Any surety on any bond furnished by a distributor as provided in §§ 26-55-222 — 26-55-225 shall be released and discharged from any and all liability to the State of Arkansas accruing on the bond after the expiration of sixty (60) days from the date upon which the surety shall have lodged with the Secretary of the Department of Finance and Administration a written request to be released and discharged.
(2) However, the request shall not operate to relieve, release, or discharge the surety from any liability already accrued, or which shall accrue, before the expiration of the sixty-day period.
(b)(1) The secretary shall promptly on receipt of notice of the request notify the distributor who furnished the bond, and unless the distributor on or before the expiration of the sixty-day period files with the secretary a new bond with a surety company satisfactory to the secretary in the amount and form provided in § 26-55-222, the secretary shall immediately cancel the license of the distributor.
(2) If the new bond is furnished by the distributor as provided above, the secretary shall cancel and surrender the bond of the distributor for which the new bond shall be substituted.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-55-226
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:26-55-226
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d2fb8662f9487b4d3a103eb6b92c89e1337014fa9d29724c412de4e7ac801944
Source location: content.xml paragraph 23408
Stored source content
26-55-226. Bonds — Release or discharge of surety.
(a)(1) Any surety on any bond furnished by a distributor as provided in §§ 26-55-222 — 26-55-225 shall be released and discharged from any and all liability to the State of Arkansas accruing on the bond after the expiration of sixty (60) days from the date upon which the surety shall have lodged with the Secretary of the Department of Finance and Administration a written request to be released and discharged.
(2) However, the request shall not operate to relieve, release, or discharge the surety from any liability already accrued, or which shall accrue, before the expiration of the sixty-day period.
(b)(1) The secretary shall promptly on receipt of notice of the request notify the distributor who furnished the bond, and unless the distributor on or before the expiration of the sixty-day period files with the secretary a new bond with a surety company satisfactory to the secretary in the amount and form provided in § 26-55-222, the secretary shall immediately cancel the license of the distributor.
(2) If the new bond is furnished by the distributor as provided above, the secretary shall cancel and surrender the bond of the distributor for which the new bond shall be substituted.
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-55-222. Bonds — Requirement — Amounts — Waiver.
(a)(1) Every distributor shall file with the Secretary of the Department of Finance and Administration a surety bond of not less than one and one-half (1½) times or one hundred fifty percent (150%) of the prior six (6) months' average motor fuel tax due, based upon the gallonage of motor fuel to be sold or distributed as shown by the application for a permit if the applicant has not heretofore been engaged in the business of a distributor as herein defined, or as shown by sales for the previous year if the applicant theretofore has been engaged in the business in this state.
(2) However, no bond shall be filed for less than one thousand dollars ($1,000).
(3) If the secretary deems it necessary to protect the state in the collection of gasoline taxes, the secretary may require any distributor to post a bond in an amount up to three (3) times or three hundred percent (300%) of the prior six (6) months' average motor fuel tax due.
(b)(1) Provided further, the secretary or the secretary's authorized agent is authorized to waive the posting of bond by any licensed motor fuel distributor that is organized and operating under the laws of Arkansas and that is wholly owned by residents of this state and who has been licensed for a period of at least three (3) years and who has not been delinquent in remitting motor fuel taxes during the three-year period immediately preceding application by the distributor for waiver of bond.
(2) If any motor fuel distributor whose bond has been waived by the secretary or the secretary's agent as authorized in this subsection subsequently becomes delinquent in remitting motor fuel taxes to the secretary, the secretary or the secretary's agent may require that the distributor post a bon
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-55-222
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-55-222. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-55-225. Bonds — New bonds — Conditions for requirement.
(a) In the event that liability upon the bond thus filed by the distributor with the Secretary of the Department of Finance and Administration shall be discharged or reduced, whether by judgment rendered, payment made, or otherwise, or if in the opinion of the secretary any surety on the bond theretofore given shall have become unsatisfactory or unacceptable, then the secretary may require the distributor to file a new bond with a satisfactory surety in the same form and amount, failing which the secretary shall immediately cancel the license certificate of said distributor.
(b) If the new bond is furnished by the distributor as above provided, the secretary shall cancel and surrender the bond of the distributor for which the new bond shall be substituted.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-55-225
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-55-225. This identifies an authority to review, not proof of applicability.