(a) At the time of filing the application for license as provided in § 4704 of this title and as a part thereof, the applicant shall file and deposit with the Department of Finance a surety bond issued by an authorized surety insurer, or a cash bond, in the amount of $1,000, or, in the discretion of the Director of Revenue, a lesser amount determined in accordance with § 375 of Title 30. The surety bond shall run in favor of the State and shall be for the use of assuring the payment by the applicant of all taxes that may be payable by or due from the applicant to the State or any department thereof or any subdivision of the State, municipal or otherwise, and the payment of any fines that may be assessed by any court against the applicant or its agents or employees for violation of this chapter.

The Director of Revenue may waive the bond provided in this section upon a showing sufficient to satisfy the Director that:

(1) If the transient retailer is organized as a corporation, the principal offices for purposes of conducting the administrative business of the corporation are located in a permanent and fixed location within Delaware;

(2) If the transient retailer is organized other than as a corporation, at least 1 person legally liable for all the debts of the retailer maintains a permanent and fixed residence within this State. The Director may issue such forms or returns as may be necessary to carry out the Director’s duties under this chapter.

(b) Such surety bond shall be maintained unimpaired as long as the transient retailer conducts business in this State. Whenever the transient retailer ceases to conduct temporary or transient business in this State and furnishes the Department proof satisfactory that it has satisfied all claims or causes of action against it, the Department shall release said bond to the applicant.

65 Del. Laws, c. 391, § 1; 66 Del. Laws, c. 237, § 3; 70 Del. Laws, c. 186, § 1.