N.J. Admin. Code § 18:3-5.3

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

Section 18:3-5.3 - Bond duration

(a) Every bond filed with and approved by the Director shall, without the necessity of periodic renewal, remain in force and effect until such time as the license of which it is a part is revoked or suspended for cause, otherwise canceled, or has expired.

1. No action on a bond shall be begun after two years from the date of revocation, cancellation, or nonrenewal of the license of which it is a part.

(b) The surety on a bond shall be released and discharged from all liability to the State accruing on such bond after the expiration of 60 days from the date upon which such surety shall have lodged with the Director a written request to be released and discharged.

1. Paragraph (b) above shall not operate to relieve, release, or discharge the surety from any liability already accrued or which shall accrue before the expiration of the 60-day period.

2. Upon receipt of any request under (b) above, the Director shall notify the principal who furnished the bond, and, unless the principal shall, on or before the expiration of the 60-day period, file a new bond, the Director shall notify the Director of the Division of Alcoholic Beverage Control who will revoke or suspend the principal's license at the end of the 60-day period.

N.J. Admin. Code § 18:3-5.3

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