Section 308-77-04401 - Waiving of bond requirements(1)Can the department waive the requirement to maintain a fuel tax bond? Yes, if the department determines that the licensed distributor has sufficient financial assets to cover any Washington state fuel tax liability, including penalties and interest.(2)What is considered a financial asset?(a) A line of credit with a financial institution or supplier covering the cost of product and fuel tax liability; or(b) United States dollars, bonds, or other obligations of the United States, the state, or any county of the state, deposited with the state treasurer.(3)How can I qualify to have my bonding requirement waived?(a) By filing a notarized statement with the department stating that your lines of credit with your financial institutions and your fuel suppliers is at a sufficient amount to include product cost and state fuel taxes. You must list the name of the financial institutions, the account numbers and dollar value of your lines of credit, and the names of your fuel suppliers. You must authorize the department to access this information with your financial institutions and suppliers; or(b) Depositing in a financial institution an amount equal to the estimated monthly fuel tax payments and assigning this deposit to the department as security for performance under chapter 82.38 RCW; and(c) Providing the department with satisfactory documentation indicating that the suppliers will not allow the licensed distributor to incur a liability, including fuel tax, in excess of the lines of credit.(4)What if the department denies my request for a waiver of the bond requirement? You can appeal this decision as provided in chapters 82.38 RCW and 308-77 WAC.(5)What if I no longer maintain a line of credit or financial asset? You must provide a surety bond to the department in the amount required by chapter 82.38 RCW, with a coverage beginning on or before the date the line of credit or financial asset became insufficient.Wash. Admin. Code § 308-77-04401
Statutory Authority: RCW 82.38.260. 09-07-075, § 308-77-04401, filed 3/16/09, effective 4/16/09. Statutory Authority: RCW 82.36.435 and 82.38.260. 02-02-010, § 308-77-04401, filed 12/20/01, effective 1/20/02.