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North Carolina Liquor Store Manager Surety Bond Changes

by Surety Admin 3. September 2010 14:01
North Carolina HB 1717 increases the bond amount for local board members of the Alcohol Beverage Control Commission (ABC) and the employees that are designated as the general manager and financial officer of the local board. Prior law required bond for not less than $5,000 for each board member. The new law requires a bond for not less than $50,000. According to the statute, each local board consists of either three or five persons. Prior law limited it to three persons, but the new law allows for an expansion to five members if the authority appointing the local board decides it is necessary. The new law also increased the bond required of each ABC liquor store manager from $5,000 to $50,000. Originally, the bill would have increased the bond amounts to $100,000. SFAA worked with AIA to address this enormous increase in the bond amount. The new law becomes effective on October 1, 2010.
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Surety Blog Categories:  Alcohol Bonds | Commercial Bonds | Surety Law Changes | Misc Bond Information

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