Ohio Administrative Code
Title 3796:6 - Dispensaries
Chapter 3796:6-2 - Generally
Section 3796:6-2-11 - Medical marijuana dispensary - license bond
Universal Citation: OH Admin Code 3796:6-2-11
Current through all regulations passed and filed through September 16, 2024
(A) For the purposes of this rule, a bond is a requirement for the issuance of a dispensary license, the maintenance of a certificate, or reactivation of a license. The bond shall be used to guarantee that the dispensary complies with state tax requirements and conducts the dispensary operations in accordance with Chapter 3796. of the Revised Code and this division.
(B) Evidence of financial responsibility shall be provided by one of the following:
(1)
Establishing and
maintaining an escrow or surety account in an Ohio financial institution in the
amount of fifty thousand dollars, with escrow terms, approved by the state
board of pharmacy, that it shall be payable to the treasurer, state of Ohio, in
the event of circumstances provided in paragraph (A) of this rule. A financial
institution may not return money in an escrow or surety account to the
dispensing organization that established the account or a representative of the
organization unless the organization or representative presents a statement
issued by the state board of pharmacy indicating that the account may be
released.
(2)
Providing a surety bond in the amount of fifty thousand
dollars, naming the dispensing organization as principal of the bond, with
terms, approved by the state board of pharmacy, that the bond defaults to the
state board of pharmacy in the event of circumstances outlined in paragraph (A)
of this rule. Bond terms include:
(a)
The bond must be written by a surety company
authorized and licensed through the state of Ohio;
(b)
The business name
and registration number on the bond must correspond exactly with the business
name and registration number in the state board of pharmacy's
records;
(c)
The bond must be written on a form approved by the
state board of pharmacy;
(d)
A copy of the bond must be received by the state board
of pharmacy within ninety days after the effective date of the provisional
license;
(e)
The state board of pharmacy shall receive written
notice within thirty calendar days of when a dispensary knows a bond will be
canceled. If a bond is canceled and the licensee fails to file a new bond with
the state board of pharmacy in the required amount on or before the effective
date of cancellation, the license may be revoked. The total and aggregate
liability of the surety on the bond is limited to the amount specified by the
bond.
(3)
The provisions of this rule shall be operative at all
times during which a bond, escrow account, or surety account are available in
the market place.
Disclaimer: These regulations may not be the most recent version. Ohio may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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