Mich. Admin. Code R. 436.2015 - Cash or unencumbered securities; request for return
Rule 15.
(1) Cash or
unencumbered securities provided to the commission as proof of financial
responsibility shall not be returned to the retail licensee unless either of
the following conditions applies:
(a) Two
years have transpired since the date the license was transferred, revoked,
cancelled, suspended, or placed in escrow with the commission.
(b) Two years have transpired since the date
the licensee provided another acceptable form of proof of financial
responsibility.
(2)
Notwithstanding subrule (1) of this rule, the commission shall not return cash
or unencumbered securities provided by a retail licensee as proof of financial
responsibility during the pendancy of any civil suit against the licensee
alleging liability pursuant to section 801 of 1998 P.A. 58, MCL 436.1801, if
the alleged liability occurred after April 1, 1988, but during the period in
which the licensee had provided the cash or unencumbered securities as proof of
financial responsibility.
(3) The
commission shall not return, to any retail licensee, cash or unencumbered
securities provided as proof of financial responsibility unless the retail
licensee first certifies to the commission, in writing, that a civil suit is
not pending against the licensee alleging liability pursuant to section 801 of
1998 P.A. 58, MCL 436.1801, during the period in which the licensee had
provided the cash or unencumbered securities as proof of financial
responsibility.
Notes
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