58.1-2246 - Bond or certificate of deposit requirements. - Virginia Statutes

§ 58.1-2246. Bond or certificate of deposit requirements.

A. An applicant for a license as a (i) provider of alternative fuel, (ii)retailer of alternative fuel or bulk user of alternative fuel who storeshighway and nonhighway alternative fuel in the same storage tank, or (iii)retailer of alternative fuel or a bulk user of alternative fuel who wishes todefer the remittance of tax to the provider until the date the provider ofalternative fuel is required to pay the tax to the Commonwealth, shall filewith the Commissioner a bond or certificate of deposit.

B. The amount of the bond or certificate of deposit shall be three times theapplicant's average expected monthly tax liability under this article, asdetermined by the Commissioner. The amount shall not be less than $2,000 normore than $300,000. An applicant who is also required to file a bond or acertificate of deposit under § 58.1-2211 to obtain a license as a distributorof motor fuel may file a single bond or certificate of deposit under §58.1-2211 for the combined amount and shall not be required to file a bond orcertificate of deposit for more than $300,000 for the combined amount.

C. A bond or certificate of deposit filed under this section shall beconditioned upon compliance with this chapter, be payable to theCommonwealth, and be in the form required by the Commissioner. TheCommissioner may require a bond or a certificate of deposit issued under thissection to be adjusted in accordance with the procedure set out in subsectionC of § 58.1-2211 for adjusting a bond or certificate of deposit filed by adistributor of motor fuel.

(2000, cc. 729, 758; 2006, c. 594.)