§ 105-449.40. Secretary may require bond.
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§ 105-449.40. Secretary may require bond.
(a)Authority. - The Secretary may require a motor carrier to furnish a bond when any of the following occurs:
(1)The motor carrier fails to file a return within the time required by this Article.
(2)The motor carrier fails to pay a tax when due under this Article.
(3)After auditing the motor carrier's records, the Secretary determines that a bond is needed to protect the State from loss in collecting the tax due under this Article.
(b)Amount. - A bond required of a motor carrier under this section may not be more than the larger of the following amounts:
(1)Five hundred dollars ($500.00).
(2)Four times the motor carrier's average tax liability or refund for a reporting period.
A bond must be in the form required by the Secretary. (1955, c. 823, s. 4; 1967, c. 1110, s. 15; 1973, c. 476, s. 193; 1991, c. 487, s. 4; 2010-95, s. 26(b).)