Surety Bonds Required; Release of Surety; New Bond

7.1. Wholesalers and distributors will be required to file a continuous surety bond when ordered to do so by the Tax Commissioner.

7.1.1. The Tax Commissioner may order the filing of a continuous surety bond where non-compliance with the requirements of article twenty-three, chapter forty seven of the West Virginia Code has occurred or the financial instability of the wholesaler or distributor has been documented.

7.1.2. Upon notification of the completion of the filing of a surety bond an annual notice of renewal, only, is required. The surety must be authorized to engage in business within this State. The bond shall be conditioned upon faithfully complying with the provisions of W. Va. Code §47-23-1 et seq. and these regulations, and the filing of the returns and payment of all fees prescribed by said W. Va. Code §47-23-1 et seq.

7.3. Any surety on a bond furnished hereunder shall be released and discharged from all liability accruing on such bond after the expiration of sixty (60) days from the date the surety submitted by certified mail, to the Tax Commissioner, a written request to be discharged. The request shall not relieve, release or discharge the surety from liability already accrued or which shall accrue before the expiration of the sixty (60) day period. Whenever any surety shall seek release from liability, it shall be the duty of the wholesaler or distributor to supply the Commissioner with another bond which shall become effective on or before the expiration of the aforementioned sixty (60) day period or seek discharge from the order of the Commissioner mandating such surety bond.