Indiana Code — Title 6 (Taxation)
IC 6-6-1.1-409
Release of surety of distributor's bond or institution issuing
letter of credit; retaining cash deposit; notice; cancellation of license
Sec. 409. (a) Sixty (60) days after making a written request for release to the administrator, the surety of a bond furnished by a distributor is released from any liability to the state accruing on the bond after the sixty (60) day period. The release does not affect any liability accruing before the expiration of the sixty (60) day period.
(b) One hundred eighty (180) days after making a written request for release to the administrator, the financial institution issuing the letter of credit for a distributor is released from any liability accruing on the letter of credit.
(c) The administrator shall promptly notify the distributor furnishing the bond or letter of credit that a release has been requested, and unless the distributor obtains a new bond or letter of credit which meets the requirements of section 406 of this chapter and files with the administrator:
# (1)
the new bond within the sixty (60) day period; or
# (2)
the new letter of credit within the one hundred eighty (180) day period;
the administrator shall cancel the distributor's license.
(d) Sixty (60) days after making a written request for release to the administrator, the cash deposit provided by a distributor is cancelled as security for any obligation accruing after the expiration of the sixty (60) day period. However, the administrator may retain all or part of the cash deposit for up to three (3) years and one (1) day as security for any obligations accruing before the effective date of the cancellation. Any part of the deposit that is not retained by the administrator shall be released to the distributor. Before the expiration of the sixty (60) day period, the distributor must provide the administrator with a bond or letter of credit that satisfies section 406 of this chapter, or the administrator shall cancel the distributor's license.
As added by Acts 1979, P.L.79, SEC.1. Amended by P.L.97-1987, SEC.7.
Amendment history
As added by Acts 1979, P.L.79, SEC.1. Amended by P.L.97-1987, SEC.7.
Source: view the official text
Nearby sections (25 sections)
- 6-6-1.1-303 · Application for exemption permit; form; fee
- 6-6-1.1-304 · Application for exemption permit; investigation
- 6-6-1.1-305 · Exemption permit holders; issuance of certificate to
- 6-6-1.1-401 · License to distributor; requirement
- 6-6-1.1-402 · License to distributor; application; contents
- 6-6-1.1-403 · License to distributor; denial; grounds; hearing
- 6-6-1.1-404 · License to distributor; foreign corporations
- 6-6-1.1-405 · License to distributor; financial statement; fee
- 6-6-1.1-405.5 · Investigations to enforce chapter
- 6-6-1.1-406 · License to distributor; bond, letter of credit, or cash…
- 6-6-1.1-407 · Bond or letter of credit of distributor unsatisfactory;…
- 6-6-1.1-408 · Amount of bond, letter of credit, or cash deposit…
- 6-6-1.1-409 · Release of surety of distributor's bond or institution…
- 6-6-1.1-410 · Financial statements; increased bond, letter of credit,…
- 6-6-1.1-411 · Temporary license; investigation; conditions and…
- 6-6-1.1-412 · Permanent license; minimum gallonage
- 6-6-1.1-413 · No permanent license; insufficient gallonage
- 6-6-1.1-414 · License nonassignable; new license required
- 6-6-1.1-415 · Cancellation of distributor's license; grounds; notice;…
- 6-6-1.1-416 · Cancellation of license on distributor's request;…
- 6-6-1.1-417 · Cancellation of distributor's license for inactiveness;…
- 6-6-1.1-418 · Listing of licensed distributors; index of applications…
- 6-6-1.1-501 · Monthly reports to determine tax liability; itemized…
- 6-6-1.1-502 · Monthly payment of tax due; computation
- 6-6-1.1-503 · Repealed