Section 105-449.40 - Secretary may require bond(a) Authority. - The Secretary may require a motor carrier to furnish a bond when any of the following occurs: (1) The motor carrier fails to file a return within the time required by this Article.(2) The motor carrier fails to pay a tax when due under this Article.(3) After auditing the motor carrier's records, the Secretary determines that a bond is needed to protect the State from loss in collecting the tax due under this Article.(b) Amount. - A bond required of a motor carrier under this section may not be more than the larger of the following amounts:(1) Five hundred dollars ($500.00).(2) Four times the motor carrier's average tax liability or refund for a reporting period. A bond must be in the form required by the Secretary.
N.C. Gen. Stat. § 105-449.40
Amended by 2010 N.C. Sess. Laws 95,s. 26.(b), eff. 7/17/2010. 1955, c. 823, s. 4; 1967, c. 1110, s. 15; 1973, c. 476, s. 193; 1991, c. 487, s. 4.