32A-9-105 (Repealed 07/01/11) - Bond. - Utah Statutes

32A-9-105 (Repealed 07/01/11). Bond.
(1) Each warehousing licensee shall post a cash or corporate surety bond in the penalsum of $10,000 payable to the department, which the licensee has procured and must maintainfor so long as the licensee continues to operate as a warehousing licensee.
(2) The bond shall be in a form approved by the attorney general, conditioned upon thelicensee's faithful compliance with this title and the rules of the commission.
(3) If the surety bond is canceled due to the licensee's negligence, a $300 reinstatementfee may be assessed. No part of any cash or corporate bond so posted may be withdrawn duringthe period the license is in effect. A bond filed by a licensee may be forfeited if the license isfinally revoked.

Renumbered and Amended by Chapter 23, 1990 General Session
Repealed by Chapter 276, 2010 General Session