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.
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