HAR § 18-245-11 — Deferred-payment purchase; bonds

(a) Every licensee requesting payment for stamps on a deferred-payment basis shall execute a bond with a surety company licensed in this State in an amount to be determined by the department. The department may increase or reduce the amount of bond at any time, but in no event shall the amount of the bond be greater than one hundred per cent of the maximum amount of deferred- payment purchases allowed. (b) When a licensee fails to make a timely payment for a deferred-payment purchase, the department may immediately file a claim for execution of the bond with the appropriate surety company.