N.J. Admin. Code § 18:3-5.2

Current through Register Vol. 56, No. 24, December 18, 2024

Section 18:3-5.2 - Amount of bond required

(a) The total amount of the bond or bonds required to be filed is fixed by the Director and may be increased or reduced at any time subject to the limitations provided in this section.

(b) In fixing the total amount of the bond or bonds required to be filed by any licensee, the Director shall require a bond or bonds equivalent to an amount no greater than three times the tax on the greatest amount of alcoholic beverages handled during a bimonthly period of the previous 12-month period. In determining the amount of the bond, the Director shall take into account the applicant's prior record as a New Jersey taxpayer and all other information as may be available to him or her which would establish applicant's financial responsibility.

1. If the application is made by any person who has never before engaged in business in this State as a licensee, prior to any application being made, the Director, after investigation, shall fix the total amount of such bond or bonds from such information as he or she may obtain after such investigation.

2. The total amount of any bond or bonds required to be filed under this subchapter by any licensee can never be more than $ 1,000,000 nor less than $ 1,000.

3. The recovery on any bond or execution on any new bond does not invalidate any bond, and the revocation of any license is not deemed to affect the validity of any bond.

N.J. Admin. Code § 18:3-5.2

New Rule, R.2000 d.53, effective 2/7/2000.
See: 31 New Jersey Register 1915(b), 32 New Jersey Register 452(a).