Arkansas Code Title 26. Taxation § 26-18-304. Bonds requirements

(a) Any bond required by any state tax law shall be subject to the approval of the Secretary of the Department of Finance and Administration as to form, sufficiency, value, amount, stability, and other features necessary to provide a guarantee of payment of the tax due the state under this chapter.

(b) Where a bond is required for the purpose of insuring any state tax law, and written notice of termination is required before the bond can be terminated, the party issuing the bond cannot be required to provide the written notice of termination more than sixty (60) days prior to the date the bond is to be terminated.

(c) The length of time required for the notice of termination shall be calculated from the date of receipt of the notice of termination, rather than the date of mailing.

(d) The term “bond” shall mean any bond, letter of credit, or assignment of a certificate of deposit.