§ 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. History: History.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).