§ 105-449.40. Secretary may require bond. - North Carolina Statutes

§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.)