State Codes and Statutes
Statutes > North-carolina > Chapter_119 > GS_119-15_3§ 119‑15.3. Bond or letter of credit requiredas a condition of obtaining and keeping certain licenses.
(a) Initial Bond. An applicant for a license as a kerosenesupplier, kerosene distributor, or kerosene terminal operator must file withthe Secretary of Revenue a bond or an irrevocable letter of credit. A bond orirrevocable letter of credit must be conditioned upon compliance with therequirements of this Article, be payable to the State, and be in the formrequired by the Secretary. The amount of the bond or irrevocable letter ofcredit may not be less than five hundred dollars ($500.00) and may not be morethan twenty thousand dollars ($20,000).
(b) Adjustments to Bond. When notified by the Secretary ofRevenue, a person that has filed a bond or irrevocable letter of credit andthat holds a license listed in this Article must file an additional bond orirrevocable letter of credit in the amount requested by the Secretary. Theperson must file the additional bond or irrevocable letter of credit within 30days after receiving the notice from the Secretary. The amount of the initialbond or irrevocable letter of credit and the additional bond or irrevocableletter of credit by the license holder, however, may not exceed the limits setin subsection (a) of this section.
(c) Class 1. A person who fails to comply with this section isguilty of a Class 1 misdemeanor. (2003‑349, s.10.14; 2004‑203, s. 82; 2005‑435, s. 21.)
