Bond for retail license.

(1) (a) A retail licensee shall post a cash bond or surety bond: (i) in the amount specified in the relevant chapter or part for the type of retail license for which the person is applying; and (ii) payable to the department. (b) A retail licensee shall procure and maintain the bond required under this section for as long as the retail licensee continues to operate as a retail licensee. (2) A bond required under this section shall be: (a) in a form approved by the attorney general; and (b) conditioned upon the retail licensee's faithful compliance with this title and the rules of the commission. (3) (a) If a surety bond posted by a retail licensee under this section is canceled due to the retail licensee's negligence, the department may assess a $300 reinstatement fee. (b) No part of a bond posted by a retail licensee under this section may be withdrawn: (i) during the period the retail license is in effect; or (ii) while a revocation proceeding is pending against the retail licensee. (4) (a) A bond posted under this section by a retail licensee may be forfeited if the retail license is revoked. (b) Notwithstanding Subsection (4)(a), the department may make a claim against a bond posted by a retail licensee for money owed the department under this title without the commission first revoking the retail license.