(1)
(a) A retail licensee shall post a cash bond or surety bond:
(i) in the amount specified in the relevant chapter or part for the type of retail license for which the person is applying; and
(ii) payable to the department.
(b) A retail licensee shall procure and maintain the bond required under this section for as long as the retail licensee continues to operate as a retail licensee.
(2) A bond required under this section shall be:
(a) in a form approved by the attorney general; and
(b) conditioned upon the retail licensee's faithful compliance with this title and the rules of the commission.
(3)
(a) If a surety bond posted by a retail licensee under this section is canceled due to the retail licensee's negligence, the department may assess a $300 reinstatement fee.
(b) No part of a bond posted by a retail licensee under this section may be withdrawn:
(i) during the period the retail license is in effect; or
(ii) while a revocation proceeding is pending against the retail licensee.
(4)
(a) A bond posted under this section by a retail licensee may be forfeited if the retail license is revoked.
(b) Notwithstanding Subsection (4)(a), the department may make a claim against a bond posted by a retail licensee for money owed the department under this title without the commission first revoking the retail license.