North Carolina General Statutes 105-449.40. Secretary may require bond
(a) Authority. – The Secretary may require a motor carrier to furnish a bond when any of the following occurs:
(1) The motor carrier fails to file a return within the time required by this Article.
Terms Used In North Carolina General Statutes 105-449.40
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(2) The motor carrier fails to pay a tax when due under this Article.
(3) After auditing the motor carrier’s records, the Secretary determines that a bond is needed to protect the State from loss in collecting the tax due under this Article.
(b) Amount. – A bond required of a motor carrier under this section may not be more than the larger of the following amounts:
(1) Five hundred dollars ($500.00).
(2) Four times the motor carrier’s average tax liability or refund for a reporting period.
A bond must be in the form required by the Secretary. (1955, c. 823, s. 4; 1967, c. 1110, s. 15; 1973, c. 476, s. 193; 1991, c. 487, s. 4; 2010-95, s. 26(b).)