Mich. Admin. Code R. 436.2019 - Constant value bond; requirements

Rule 19.

(1) A retail licensee who provides a constant value bond as proof of financial responsibility shall not cancel such bond, except upon 30 days' prior written notice to the commission. Unless new proof of financial responsibility is obtained by the retail licensee and delivered to the commission before the expiration of the 30-day period, the license of that licensee shall be suspended until such time as another acceptable proof of financial responsibility is provided to the commission.

(2) A surety company which has issued a constant value bond of not less than $50,000.00 as proof of financial responsibility shall notify the commission, in writing, not less than 30 days before termination or cancellation of the bond.

Notes

Mich. Admin. Code R. 436.2019

1988 AACS