North Dakota Century Code — Title 57 (Taxation)
N.D.C.C. § 57-43.1-14
Bond or letter of credit required
As a condition precedent to the issuance of a single or multiple license, a supplier, distributor, or importer shall furnish a surety bond, a cash bond, or an approved letter of credit as security to guarantee the payment of the motor vehicle fuel tax liabilities imposed by this chapter. A refiner, terminal operator, or an exporter who is not also licensed as a supplier or distributor is exempt from this requirement.
# 1.
The surety bond, cash bond, or letter of credit must be in an amount prescribed by the commissioner but not less than one thousand dollars.
# 2.
The surety bond, cash bond, or letter of credit is subject to approval by the commissioner.
# 3.
After a single or multiple license has been in effect for five or more years, the commissioner may review the person's records and may waive the requirement for a security. The requirement for a security may be reinstated at the discretion of the commissioner.
# 4.
A surety bond or letter of credit provided as security must be kept in the custody of the commissioner and may be used by the commissioner, without notice to the principal, if it becomes necessary to cover the motor vehicle fuel tax, penalties, and interest due.
# 5.
Money deposited with the commissioner as a cash bond must be made in the form of a cashier's check or bank money order payable to the commissioner. The money received must be paid by the commissioner to the state treasurer and credited by the treasurer into a special fund known as the motor fuel tax security trust fund. The money deposited may be used by the commissioner, without notice to the depositor, if it becomes necessary to cover tax, penalties, and interest due. If the money deposited is used to cover unpaid liabilities, the commissioner shall certify the information to the director of the office of management and budget. The office of management and budget shall transmit the money to the commissioner who shall apply as much of the money deposited by the person as is necessary to satisfy the liabilities. When in the commissioner's judgment it is no longer necessary to require the deposit to be maintained, the commissioner shall certify the information to the director of the office of management and budget who shall pay the unused money to the depositor.
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In this chapter (40 sections)
- 57-43.1-01 · Definitions
- 57-43.1-02 · Tax imposed on motor vehicle fuels
- 57-43.1-02.1 · Additional motor vehicle fuels taxes
- 57-43.1-03.1 · Refund of tax for fuel used for agricultural purposes
- 57-43.1-03.3 · Refund - Emergency medical services operation - Fire…
- 57-43.1-04 · Form of claim for refund
- 57-43.1-05 · Claim for refund - Limitation on filing
- 57-43.1-06 · Refund to prevent taxation by multiple jurisdictions
- 57-43.1-06.1 · Refund of tax on tax-exempt sales
- 57-43.1-07 · Commissioner to examine and pay claims
- 57-43.1-08 · Refund to state or political subdivision
- 57-43.1-09 · Refunds to private individuals or corporations prohibited…
- 57-43.1-10 · Invoice issued to purchaser
- 57-43.1-11 · Assignment of refund claims
- 57-43.1-12 · Permit required during certain period - Revocation
- 57-43.1-12.1 · Credit for taxes paid on worthless accounts and refunds
- 57-43.1-14 · Bond or letter of credit required
- 57-43.1-14.1 · Qualification for exporter license
- 57-43.1-14.2 · Qualification for importer license
- 57-43.1-15 · Application for license - Issuance of license - Denial of…
- 57-43.1-15.1 · Revocation of license - Hearing to show cause -…
- 57-43.1-16.1 · Report by terminal operator required
- 57-43.1-17 · Commissioner to audit report and assess tax
- 57-43.1-17.1 · Determination if no report is filed
- 57-43.1-17.2 · Corporate officer liability
- 57-43.1-17.3 · Governor and manager liability
- 57-43.1-17.4 · Lien of tax - Collection - Action authorized
- 57-43.1-17.5 · Liability of a general partner in a limited liability…
- 57-43.1-18 · Sale in original package - Invoice - Delivery of copies
- 57-43.1-19 · Sale to consumer in original package - Invoice required
- 57-43.1-20 · Tax chargeable to consumer
- 57-43.1-21 · Penalty and interest - Violations
- 57-43.1-22 · Conditions precedent to reinstatement of license
- 57-43.1-23 · Payment of tax
- 57-43.1-24 · Tax collection allowance
- 57-43.1-25 · Retention of records - Subject to inspection
- 57-43.1-26 · Inventory gains - Losses
- 57-43.1-28 · Transfer, deposit, and distribution of funds
- 57-43.1-30 · Administration - Assistance authorized - Rules
- 57-43.1-31 · Penalty