South Carolina Code 12-28-1155. Application must be filed with surety bond or cash deposit
(1) in an amount determined by the director of not less than two thousand dollars or not more than a three-month user fee liability for the applicant as estimated by the department;
Terms Used In South Carolina Code 12-28-1155
- Department: means the South Carolina Department of Revenue. See South Carolina Code 12-28-110
- Director: means the administrative head of the Department of Revenue or his designee. See South Carolina Code 12-28-110
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Person: means a natural person, a partnership, a firm, an association, a corporation, a representative appointed by a court, the State, a political subdivision or any other entity, group, or syndicate. See South Carolina Code 12-28-110
- User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.
(2) conditioned upon the keeping of records and the making of full and complete reports and payments as required by this chapter.
(B) Suppliers and bonded importers shall post a bond of not less than two million dollars, except that with respect to a person registered under the Internal Revenue Section 4101 as a taxable fuel registrant, the bond may be reduced to a one million dollar minimum. An applicant alternatively may show proof of financial responsibility in lieu of posting of bond. Proof of five million dollars net worth constitutes evidence of financial responsibility in the absence of circumstances indicating the department is otherwise at risk with respect to collection of its user fees from the applicant.
(C) If the applicant files a bond, the bond must:
(1) be with a surety company approved by the department which may be an affiliate in the business of assuring the obligations;
(2) name the applicant as the principal and the State as the obliged;
(3) be on forms prescribed by the department.
(D) Fuel vendors defined in § 12-28-1135, other than persons required to be licensed under provisions other than in those sections, and miscellaneous fuel user fee licensees defined in § 12-28-1139, are exempt from the bonding requirements of this section.