Vermont Statutes Title 23 Sec. 3011
Terms Used In Vermont Statutes Title 23 Sec. 3011
- Commissioner: means the Commissioner of Motor Vehicles or any officer or employee of the Department duly authorized by him or her to perform the functions mentioned or described in this chapter. See
- Dealer: means any person who sells or delivers fuel into the fuel supply tanks of motor vehicles owned or operated by others. See
- Distributor: means any person who sells or delivers fuel into bulk storage tanks of a dealer or user. See
- Person: includes any natural person, corporation, association, co-partnership, company, firm, or other aggregation of individuals. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
- User: means any person who uses fuel to propel a motor vehicle, owned or operated by him or her, upon the highways of this State. See
§ 3011. Bond requirement; amount; failure of security
(a) When the Commissioner deems it necessary to protect the revenues to be obtained under this chapter, he or she may require a user, dealer, or distributor to file with him or her a bond, issued by a surety company authorized to transact business in this State and approved by the Commissioner of Financial Regulation of this State as to solvency and responsibility, in an amount fixed by the Commissioner, but not to exceed the total potential liability of such person, to secure the payment of any tax or penalties or interest due or that may become due from a licensee under this chapter. In the event that the Commissioner determines that such person is to file a bond, he or she shall notify the user, dealer, or distributor by mail of the amount of the bond required. That person shall file a bond within 15 days after the giving of the notice unless within those 15 days he or she shall request in writing sent by mail a hearing before the Commissioner at which the necessity, propriety, and amount of the bond shall be determined by the Commissioner. The Commissioner’s determination shall be final and shall be complied with within 15 days after mailing to the user, dealer, or distributor. In lieu of a bond, securities approved by the Commissioner or cash in such amount as he or she may prescribe may be deposited, which shall be kept in the custody of the State Treasurer who may at any time upon instructions from the Commissioner without notice to the depositor apply them to any tax or interest or penalties due, and for that purpose the securities may be sold by him or her at public or private sale without notice to the depositor thereof.
(b) The total amount of the bond required of a licensee may be fixed by the Commissioner and may be increased or decreased by him or her at any time subject to the limitations imposed by this section.
(c) If the liability upon a bond filed by a licensee with the Commissioner becomes discharged or reduced, whether by judgment rendered, payment made, or otherwise, or if in the opinion of the Commissioner any surety on a bond has become unsatisfactory or unacceptable, the Commissioner shall require the licensee to file a new bond with satisfactory sureties in the same amount and, upon failure to do so, the Commissioner shall forthwith revoke the license.
(d) If a licensee fails or refuses to increase the amount of a bond or file a bond as required by the Commissioner within 15 days after notice mailed to him or her, his or her license shall be revoked forthwith. (Added 1981, No. 172 (Adj. Sess.), § 1; amended 1989, No. 225 (Adj. Sess.), § 25; 1995, No. 180 (Adj. Sess.), § 38; 2019, No. 149 (Adj. Sess.), § 17, eff. July 13, 2020.)