Deposit insufficient to ensure payment; written demand to file new
bond; requirements; cancellation of license
Sec. 47. (a) If the commissioner reasonably determines that the
amount of the existing bond or cash deposit is insufficient to ensure
payment to the state of the tax and any penalty and interest for which
the licensee is or may become liable, the licensee shall, upon written
demand of the commissioner, file a new bond or increase the cash
deposit. The commissioner shall allow the licensee at least thirty (30)
days to secure the increased bond or cash deposit.
(b) The new bond or cash deposit must meet the requirements set
forth in this chapter.
(c) If the new bond or cash deposit required under this section is
unsatisfactory, the commissioner shall cancel the licensee's license
certificate.
As added by P.L.277-1993(ss), SEC.44. Amended by P.L.18-1994,
SEC.31.
Last modified: May 28, 2006