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26-55-706. Bond of applicant.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-55-706. Bond of applicant.
(a) Before any license application shall be approved by the Secretary of the Department of Finance and Administration, the applicant shall file a bond, with surety satisfactory to the secretary, payable to the State of Arkansas and conditioned upon the applicant's compliance with the provisions of this subchapter and the rules of the secretary.
(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 secretary.
(2) However, the amount of any bond may be increased or decreased within the foregoing limits by the secretary 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 secretary, and the cancellation shall have no retroactive effect.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-55-706
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:26-55-706
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 1f877c62a23c559e1e41cf1f097b4af2c73eeb3136e1c8e787686b565898ab2d
Source location: content.xml paragraph 24048
Stored source content
26-55-706. Bond of applicant.
(a) Before any license application shall be approved by the Secretary of the Department of Finance and Administration, the applicant shall file a bond, with surety satisfactory to the secretary, payable to the State of Arkansas and conditioned upon the applicant's compliance with the provisions of this subchapter and the rules of the secretary.
(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 secretary.
(2) However, the amount of any bond may be increased or decreased within the foregoing limits by the secretary 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 secretary, and the cancellation shall have no retroactive effect.
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