28-5737. Discharge of surety A. On written request to the director, a surety on a bond furnished by a licensee pursuant to this article shall be discharged from any liability to the state accruing on the bond after the last day of the month that includes the sixtieth day after the date of filing the request but not from liability already accrued or accruing before the last day of the month that includes the end of the sixty day period. On receipt of such a request, the director shall promptly notify the licensee who furnished the bond in question. B. Unless the licensee files a new bond satisfactory to the director on or before the last day of the month that includes the end of the sixty day period, the director shall immediately revoke the licensee's license.
Arizona Legal Code