Arizona Laws 28-371. Surety bond
A. The director may authorize a person who is required to pay a fee to the department pursuant to section 28-2003, 28-2094, 28-2352, 28-2402, 28-2481, 28-3002, 28-4302, 28-4533, 28-4540, 28-4542, 28-4544 or 28-4802, article 5 of this chapter or chapter 15, article 2 of this title to file with the director a bond on a form approved by the director with a surety company authorized by the corporation commission to transact business in this state as a surety. The person is the principal obligor, and this state is the obligee on the bond. The bond shall be conditioned on the payment by the person to the department of all fees together with any interest and penalties imposed by the department pursuant to this title. The director may accept cash deposits instead of a surety bond to guarantee fee payments.
Terms Used In Arizona Laws 28-371
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department: means the department of transportation acting directly or through its duly authorized officers and agents. See Arizona Laws 28-101
- Director: means the director of the department of transportation. See Arizona Laws 28-101
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- State: means a state of the United States and the District of Columbia. See Arizona Laws 28-101
B. The director shall determine the total amount of the bond required of a person, but the amount shall not exceed approximately three times the highest monthly fee estimated by the director to become due by the person. The director may increase or decrease the amount of the bond at any time.