(a) In the event that upon a hearing, of which the distributor shall be given five (5) days' notice in writing, the Director of the Department of Finance and Administration shall decide that the amount of the existing bond is insufficient to ensure payment to the State of Arkansas of the amount of the tax and any penalties and interest for which the distributor is or may at any time become liable, then the distributor upon the written demand of the director shall immediately file an additional bond in the same manner and form with a surety company thereon approved by the director in any amount determined by the director to be necessary to secure at all times the payment by the distributor to the State of Arkansas of all taxes, penalties, and interest due under the provisions of this subchapter.
(b) If the distributor fails to do so, the director shall immediately cancel the license certificate of the distributor.
Section: Previous 26-55-217 26-55-218 26-55-219 26-55-220 26-55-221 26-55-222 26-55-223 26-55-224 26-55-225 26-55-226 26-55-229 26-55-230 26-55-231 26-55-232 26-55-234 NextLast modified: November 15, 2016