Sec. 44. (a) Concurrently with the filing of an application for a license under this chapter, the department may require the applicant to file with the commissioner a surety bond or cash deposit:

(1) in an amount determined by the commissioner of not less than two thousand dollars ($2,000) or not more than a two (2) month tax liability for the applicant as estimated by the commissioner; and

(2) conditioned upon the keeping of records and the making of full and complete reports and payments as required by this chapter.

     (b) If the applicant files a bond, the bond must:

(1) be with a surety company approved by the commissioner;

(2) name the applicant as the principal and the state as the obligee; and

(3) be on forms prescribed by the department.

As added by P.L.277-1993(ss), SEC.44.