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