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

Mich. Admin. Code R. 436.2015

1988 AACS; 2003 AACS