CONCORD – The Senate voted 23-0 on 2/17/10 to repeal a requirement that any business that collects the meals and rooms tax post a surety bond to ensure that taxes would be paid.
Further investigation into this surety bond requirement revealed that the department had other measures in place already to ensure compliance and the bond was not needed.
New Surety Bond required for appraisers for the state of Arkansas. The surety bond amount is set at $20,000. Under the terms of A.C.A 17-14-406 (b) et seq, every Appraisal Management company described in those statues must obtain bonding. The surety bond form has a 60 day cancellation clause and a aggregate limit, if you review the state statue. The obligee is the Arkansas Appraiser Licensing and certification Board.
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