Section 119-15.3 - Bond or letter of credit required as a condition of obtaining and keeping certain licenses(a) Initial Bond. - An applicant for a license as a kerosene supplier, kerosene distributor, or kerosene terminal operator must file with the Secretary of Revenue a bond or an irrevocable letter of credit. A bond or irrevocable letter of credit must be conditioned upon compliance with the requirements of this Article, be payable to the State, and be in the form required by the Secretary. The amount of the bond or irrevocable letter of credit may not be less than five hundred dollars ($500.00) and may not be more than twenty thousand dollars ($20,000).(b) Adjustments to Bond. - When notified by the Secretary of Revenue, a person that has filed a bond or irrevocable letter of credit and that holds a license listed in this Article must file an additional bond or irrevocable letter of credit in the amount requested by the Secretary. The person must file the additional bond or irrevocable letter of credit within 30 days after receiving the notice from the Secretary. The amount of the initial bond or irrevocable letter of credit and the additional bond or irrevocable letter of credit by the license holder, however, may not exceed the limits set in subsection (a) of this section.(c) Class 1. - A person who fails to comply with this section is guilty of a Class 1 misdemeanor.N.C. Gen. Stat. § 119-15.3
Amended by 2005 N.C. Sess. Laws 435, s. 21, eff. 9/27/2005.Added by 2003 N.C. Sess. Laws 0349, s. 10.14, eff. 1/1/2004.