South Carolina § 12-28-1165 Licensee to file a new bond or additional deposit when required.

South Carolina Statutes

§ 12-28-1165 — Licensee to file a new bond or additional deposit when required.

South Carolina·Title 12 TAXATION·Ch. 28 MOTOR FUELS SUBJECT TO USER FEES

(A)The department may require a licensee to file a new bond with a satisfactory surety in the same form and amount if:

(1)liability upon the previous bond is discharged or reduced by the judgment rendered, payment made, or otherwise disposed of;

(2)in the opinion of the department, any surety on the previous bond becomes unsatisfactory. If the new bond is unsatisfactory, the department shall cancel the license. If the new bond is furnished satisfactorily, the department shall release in writing the surety on the previous bond from liability accruing after the effective date of the new bond.

(B)If a licensee has a cash deposit with the department and the deposit is reduced by a judgment rendered, payment made, or otherwise disposed of, the director may require the licensee to make a new

Free access — add to your briefcase to read the full text and ask questions with AI

(A) The department may require a licensee to file a new bond with a satisfactory surety in the same form and amount if: (1) liability upon the previous bond is discharged or reduced by the judgment rendered, payment made, or otherwise disposed of; (2) in the opinion of the department, any surety on the previous bond becomes unsatisfactory. If the new bond is unsatisfactory, the department shall cancel the license. If the new bond is furnished satisfactorily, the department shall release in writing the surety on the previous bond from liability accruing after the effective date of the new bond. (B) If a licensee has a cash deposit with the department and the deposit is reduced by a judgment rendered, payment made, or otherwise disposed of, the director may require the licensee to make a new deposit equal to the amount of the reduction.

South Carolina § 12-28-1165 (Licensee to file a new bond or additional deposit when required.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.