§ 26-57-224 - Vendor's bond. - Arkansas Statutes

26-57-224. Vendor's bond.

(a) Every vendor before beginning operation or commencing business in this state shall give bond to the State of Arkansas.

(b) The bond shall be conditioned upon the faithful performance of the duties and obligations imposed by this subchapter and the regulations promulgated by the Director of the Department of Finance and Administration.

(c) The bond required shall be established by the following table:

(1) Up to 30 machines ..................... $2,000.00

(2) 31 to 60 machines ..................... 3,000.00

(3) 61 to 90 machines ..................... 4,000.00

(4) 91 to 120 machines ..................... 5,000.00

(5) Over 120 machines ..................... 6,000.00

(d) This bond shall be executed by a solvent surety company authorized to do business in this state or such other responsible surety approved by the director.