Section 13.055. Surety bond, irrevocable letter of credit.

  The applicant shall supply a surety bond or irrevocable letter of credit in the amount of $5,000.00, which is issued by a company authorized to do business in Wisconsin. The form of the bond or letter of credit shall be approved by the department and conditioned so that the state shall be fully compensated or reimbursed for, and shall be used to, secure payment of fees or costs that relate to the issuance of a wholesale distributor's license that have not been paid within 30 days after the fees or costs have become final. The bond or letter shall be valid for the entire period of an unexpired license issued to the applicant. No claim may be made against a bond or other security under this section more than one year after the date on which the applicant's wholesale distributor's license expires.

History: EmR0815 : emerg. cr. eff. 6-1-08; CR 08-051 : cr. Register November 2008 No. 635 , eff. 12-1-08.