Surety bond or cash deposit; filing by applicants
Sec. 44. (a) Concurrently with the filing of an application for a
license under this chapter, the department may require the applicant
to file with the commissioner a surety bond or cash deposit:
(1) in an amount determined by the commissioner of not less
than two thousand dollars ($2,000) or not more than a two (2)
month tax liability for the applicant as estimated by the
commissioner; and
(2) conditioned upon the keeping of records and the making of
full and complete reports and payments as required by this
chapter.
(b) If the applicant files a bond, the bond must:
(1) be with a surety company approved by the commissioner;
(2) name the applicant as the principal and the state as the
obligee; and
(3) be on forms prescribed by the department.
As added by P.L.277-1993(ss), SEC.44.
Last modified: May 28, 2006