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
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