35-5-7. Bond required of licensees--Amount of bond--Deposit in lieu of bond.
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/sd/title-35/chapter-35-5/35-5-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any licensee liable for the payment of the taxes levied under this chapter may be required by the secretary to file with the secretary a bond or bonds, in an amount and form prescribed by the secretary, with corporate surety satisfactory to the secretary. The amount of the bond may not exceed fifty thousand dollars, and the secretary may require the increase or permit the decrease of the amount of the bond to a sum that the secretary determines is necessary to assure payment of the tax.
The bond or bonds shall run to the state and shall be conditioned on the payment of all taxes levied under this chapter on or before the due date of payment, and on the payment of all fines and penalties lawfully imposed by reason of failure to pay any taxes levied under this chapter on the date payment is due. In lieu of a bond, the secretary may allow the licensee to furnish the amount of the bond in cash or negotiable securities approved by the secretary.