§ 57-63-11 — Commissioner may require bond

When in the commissioner's judgment it is necessary and advisable to do so in order to
secure the collection of the assessment levied under this chapter, the commissioner may
require a person subject to the assessment to file with the commissioner a bond, issued by a
surety company authorized to transact business in this state and approved by the insurance
commissioner as to solvency and responsibility in an amount the commissioner may fix, to
secure the payment of any assessment and penalties due or which may become due from the
person. In lieu of the bond, securities approved by the commissioner in the amounts as the
commissioner prescribes may be deposited with the commissioner, which securities must be
kept in the custody of the commissioner and may be sold by the commissioner at public or
private sale, without notice to the depositor, if it becomes necessary to do so in order to recover
any assessment and penalties due. All moneys deposited as security with the commissioner
under this section must be paid by the commissioner to the state treasurer and must be credited
by the state treasurer into a special fund to be known as the provider assessment trust fund. If
any assessment, penalty, or costs imposed by this chapter are not paid when due, by the
person depositing moneys with the commissioner as security for the payment of the
assessment, penalty, or costs imposed by this chapter, the commissioner shall certify that
information to the director of the office of management and budget who shall transmit the money
to the commissioner who shall apply the money deposited by the person or so much thereof as
is necessary to satisfy the assessment and penalties due. When in the commissioner's
judgment it is no longer necessary to require the deposit to be maintained by the person, the
commissioner shall certify that information to the director of the office of management and
budget who shall pay the unused money to the entitled person.