142.881. 1. In lieu of any of the bonds required by this chapter alicensee may deposit with the director cash, a certificate of deposit or anirrevocable letter of credit. If the applicant files a bond or letter ofcredit it shall:
(1) Be with a surety company or bank approved by the director whichmay be an affiliate in the business of assuring such obligations;
(2) Name the applicant as the principal obligor and the state as theobligee; and
(3) Be on forms prescribed by the director.
2. The director may, at the reasonable discretion of the director,require a licensee or an applicant to furnish current verified, financialstatements. The director may make independent inquiry into the financialcondition of the applicant and, in any case, is not required to accept asaccurate financial statements which have not been certified orindependently audited. If the director determines that the financialcondition of a licensee warrants an increase in the bond, the director mayrequire the licensee to furnish an increased bond.
3. The director may require a licensee to file a new bond with asatisfactory surety in the same form and amount if:
(1) Liability upon the previous bond is discharged or reduced by ajudgment rendered, payment made, or otherwise disposed of; or
(2) In the opinion of the director, any surety on the previous bondbecomes unsatisfactory. If the new bond is unsatisfactory, the directorshall cancel the license. If the new bond is satisfactorily furnished, thedirector shall release in writing the surety on the previous bond from anyliability accruing after the effective date of the new bond.
4. If a licensee has cash, a certificate of deposit or a letter ofcredit with the director and it is reduced by a judgment rendered, paymentmade, or otherwise disposed of, the director may require the licensee tomake a new deposit equal to the amount of the reduction.
5. If the director reasonably determines that the amount of theexisting bond is insufficient to ensure payment to the state of the tax,fee, and any penalty and interest for which the licensee is or may becomeliable, the licensee shall, upon written demand of the director, file a newor increased bond. The director shall allow the licensee at least fifteendays to secure the increased bond or cash deposit.
6. The new bond shall meet the requirements set forth in thischapter.
7. If the new bond required pursuant to this section isunsatisfactory, the director shall cancel the license.
8. Sixty days after making a written request for release to thedirector, the surety of a bond furnished by a licensee shall be releasedfrom any liability to the state accruing on the bond after the sixty-dayperiod. The release does not affect any liability accruing before theexpiration of the sixty-day period.
9. The director shall promptly notify the licensee furnishing thebond that a release has been requested. Unless the licensee obtains a newbond that meets the requirements of this chapter and files with thedirector the new bond within the sixty-day period, the director shallcancel the license.
10. Sixty days after making a written request for release to thedirector, the cash deposit, letter of credit or certificate of depositprovided by a licensee shall be canceled as security for any obligationaccruing after the expiration of the sixty-day period. However, thedirector may retain all or part of the bond for up to three years and oneday as security for any obligations accruing before the effective date ofthe cancellation. Any part not retained by the director shall be releasedto the licensee. Before the expiration of the sixty-day period, thelicensee shall provide the director with a bond that satisfies therequirements of this chapter or the director shall cancel the license.
142.881. 1. In lieu of any of the bonds required by this chapter alicensee may deposit with the director cash, a certificate of deposit or anirrevocable letter of credit. If the applicant files a bond or letter ofcredit it shall:
(1) Be with a surety company or bank approved by the director whichmay be an affiliate in the business of assuring such obligations;
(2) Name the applicant as the principal obligor and the state as theobligee; and
(3) Be on forms prescribed by the director.
2. The director may, at the reasonable discretion of the director,require a licensee or an applicant to furnish current verified, financialstatements. The director may make independent inquiry into the financialcondition of the applicant and, in any case, is not required to accept asaccurate financial statements which have not been certified orindependently audited. If the director determines that the financialcondition of a licensee warrants an increase in the bond, the director mayrequire the licensee to furnish an increased bond.
3. The director may require a licensee to file a new bond with asatisfactory surety in the same form and amount if:
(1) Liability upon the previous bond is discharged or reduced by ajudgment rendered, payment made, or otherwise disposed of; or
(2) In the opinion of the director, any surety on the previous bondbecomes unsatisfactory. If the new bond is unsatisfactory, the directorshall cancel the license. If the new bond is satisfactorily furnished, thedirector shall release in writing the surety on the previous bond from anyliability accruing after the effective date of the new bond.
4. If a licensee has cash, a certificate of deposit or a letter ofcredit with the director and it is reduced by a judgment rendered, paymentmade, or otherwise disposed of, the director may require the licensee tomake a new deposit equal to the amount of the reduction.
5. If the director reasonably determines that the amount of theexisting bond is insufficient to ensure payment to the state of the tax,fee, and any penalty and interest for which the licensee is or may becomeliable, the licensee shall, upon written demand of the director, file a newor increased bond. The director shall allow the licensee at least fifteendays to secure the increased bond or cash deposit.
6. The new bond shall meet the requirements set forth in thischapter.
7. If the new bond required pursuant to this section isunsatisfactory, the director shall cancel the license.
8. Sixty days after making a written request for release to thedirector, the surety of a bond furnished by a licensee shall be releasedfrom any liability to the state accruing on the bond after the sixty-dayperiod. The release does not affect any liability accruing before theexpiration of the sixty-day period.
9. The director shall promptly notify the licensee furnishing thebond that a release has been requested. Unless the licensee obtains a newbond that meets the requirements of this chapter and files with thedirector the new bond within the sixty-day period, the director shallcancel the license.
10. Sixty days after making a written request for release to thedirector, the cash deposit, letter of credit or certificate of depositprovided by a licensee shall be canceled as security for any obligationaccruing after the expiration of the sixty-day period. However, thedirector may retain all or part of the bond for up to three years and oneday as security for any obligations accruing before the effective date ofthe cancellation. Any part not retained by the director shall be releasedto the licensee. Before the expiration of the sixty-day period, thelicensee shall provide the director with a bond that satisfies therequirements of this chapter or the director shall cancel the license.
142.881. 1. In lieu of any of the bonds required by this chapter alicensee may deposit with the director cash, a certificate of deposit or anirrevocable letter of credit. If the applicant files a bond or letter ofcredit it shall:
(1) Be with a surety company or bank approved by the director whichmay be an affiliate in the business of assuring such obligations;
(2) Name the applicant as the principal obligor and the state as theobligee; and
(3) Be on forms prescribed by the director.
2. The director may, at the reasonable discretion of the director,require a licensee or an applicant to furnish current verified, financialstatements. The director may make independent inquiry into the financialcondition of the applicant and, in any case, is not required to accept asaccurate financial statements which have not been certified orindependently audited. If the director determines that the financialcondition of a licensee warrants an increase in the bond, the director mayrequire the licensee to furnish an increased bond.
3. The director may require a licensee to file a new bond with asatisfactory surety in the same form and amount if:
(1) Liability upon the previous bond is discharged or reduced by ajudgment rendered, payment made, or otherwise disposed of; or
(2) In the opinion of the director, any surety on the previous bondbecomes unsatisfactory. If the new bond is unsatisfactory, the directorshall cancel the license. If the new bond is satisfactorily furnished, thedirector shall release in writing the surety on the previous bond from anyliability accruing after the effective date of the new bond.
4. If a licensee has cash, a certificate of deposit or a letter ofcredit with the director and it is reduced by a judgment rendered, paymentmade, or otherwise disposed of, the director may require the licensee tomake a new deposit equal to the amount of the reduction.
5. If the director reasonably determines that the amount of theexisting bond is insufficient to ensure payment to the state of the tax,fee, and any penalty and interest for which the licensee is or may becomeliable, the licensee shall, upon written demand of the director, file a newor increased bond. The director shall allow the licensee at least fifteendays to secure the increased bond or cash deposit.
6. The new bond shall meet the requirements set forth in thischapter.
7. If the new bond required pursuant to this section isunsatisfactory, the director shall cancel the license.
8. Sixty days after making a written request for release to thedirector, the surety of a bond furnished by a licensee shall be releasedfrom any liability to the state accruing on the bond after the sixty-dayperiod. The release does not affect any liability accruing before theexpiration of the sixty-day period.
9. The director shall promptly notify the licensee furnishing thebond that a release has been requested. Unless the licensee obtains a newbond that meets the requirements of this chapter and files with thedirector the new bond within the sixty-day period, the director shallcancel the license.
10. Sixty days after making a written request for release to thedirector, the cash deposit, letter of credit or certificate of depositprovided by a licensee shall be canceled as security for any obligationaccruing after the expiration of the sixty-day period. However, thedirector may retain all or part of the bond for up to three years and oneday as security for any obligations accruing before the effective date ofthe cancellation. Any part not retained by the director shall be releasedto the licensee. Before the expiration of the sixty-day period, thelicensee shall provide the director with a bond that satisfies therequirements of this chapter or the director shall cancel the license.
