Iowa § 423.35 Posting of bond to secure payment

Iowa Statutes

§ 423.35 — Posting of bond to secure payment

Iowa § 423.35

Title XFINANCIAL RESOURCES

Ch. 423STREAMLINED SALES AND USE TAX ACT

This text of Iowa § 423.35 (Posting of bond to secure payment) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 423.35 (2026).

Text

Thedirectormay,whennecessaryandadvisableinordertosecurethecollectionofthesales
or use tax, authorize any person subject to either tax, and any retailer required or authorized
to collect those taxes pursuant to the provisions of section 423.14, to file with the department
abond, issuedbyasuretycompanyauthorizedtotransactbusinessinthisstateandapproved
by the insurance commissioner as to solvency and responsibility, in an amount as the director
mayfix, tosecurethepaymentofanytax, interest, orpenaltiesdueorwhichmaybecomedue
from such person. In lieu of a bond, securities approved by the director, in an amount which
the director may prescribe, may be deposited with the department, which securities shall be
keptinthecustodyofthedepartmentandmaybesoldbythedirectoratpublicorprivatesale,
without no

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Thedirectormay,whennecessaryandadvisableinordertosecurethecollectionofthesales
or use tax, authorize any person subject to either tax, and any retailer required or authorized
to collect those taxes pursuant to the provisions of section 423.14, to file with the department
abond, issuedbyasuretycompanyauthorizedtotransactbusinessinthisstateandapproved
by the insurance commissioner as to solvency and responsibility, in an amount as the director
mayfix, tosecurethepaymentofanytax, interest, orpenaltiesdueorwhichmaybecomedue
from such person. In lieu of a bond, securities approved by the director, in an amount which
the director may prescribe, may be deposited with the department, which securities shall be
keptinthecustodyofthedepartmentandmaybesoldbythedirectoratpublicorprivatesale,
without notice to the depositor, if it becomes necessary to do so in order to recover any tax,
interest, or penalties due. Upon the sale, the surplus, if any, above the amounts due under
this chapter shall be returned to the person who deposited the securities.