(a) Taxpayer to File Bond. Whenever the department in its discretion, deems it necessary to protect the revenues to be obtained under the provisions of this article, it may require any nonresident natural person or any foreign corporation, association, fiduciary, partnership or other entity, not authorized to do business within this Commonwealth or not having an established place of business therein and subject to the tax imposed by section 202 of this article, to file a bond issued by a surety company authorized to do business in this Commonwealth and approved by the Insurance Commissioner as to solvency and responsibility, in such amounts as it may fix, to secure the payment of any tax or penalties due, or which may become due, from such natural person or corporation. In order to protect the revenues to be obtained under the provisions of this article, the department shall require any nonresident natural person or any foreign corporation, association, fiduciary, partnership or entity, who or which is a building contractor, or who or which is a supplier delivering building materials for work in this Commonwealth and is not authorized to do business within this Commonwealth or does not have an established place of business therein and is subject to the tax imposed bysection 202 of this article, to file a bond issued by a surety company authorized to do business in this Commonwealth and approved by the Insurance Commissioner as to solvency and responsibility, in such amounts as it may fix, to secure the payments of any tax or penalties due, or which may become due, from such natural person, corporation or other entity. The department may also require such a bond of any person petitioning the department for reassessment, in the case of any assessment over five hundred dollars ($500) or where it is of the opinion that the ultimate collection is in jeopardy. The department may, for a period of three years, require such a bond of any person who has on three or more occasions within a twelve month period either filed a return or made payment to the department more than thirty days late. In the event that the department determines that a taxpayer is to file such a bond, it shall give notice to such taxpayer to that effect, specifying the amount of the bond required. The taxpayer shall file such bond within five days after the giving of such notice by the department unless, within such five days, the taxpayer shall request, in writing, a hearing before the Secretary of Revenue or his representative at which hearing the necessity, propriety and amount of the bond shall be determined by the secretary or such representative. Such determination shall be final and shall be complied with within fifteen days after notice thereof is mailed to the taxpayer.(b) Securities in Lieu of Bond. In lieu of the bond required by this section, securities approved by the department, or cash in such amount as it may prescribe, may be deposited. Such securities or cash shall be kept in the custody of the department, who may, at any time, without notice to the depositor, apply them to any tax and/or interest or penalties due, and for that purpose the securities may be sold by the department, at public or private sale, upon five days written notice to the depositor.(c) Failure to File Bond. The department may file a lien pursuant to section 242 against any taxpayer who fails to file a bond when required to do so under this section. All funds received upon execution of the judgment on such lien shall be refunded to the taxpayer with three per cent interest should a final determination be made that he does not owe any payment to the department.1971, March 4, P.L. 6, No. 2, art. II, § 277.