Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2013
 

Cigarette and Tobacco Products Tax Law

CHAPTER 3. LICENSES, BONDS AND REGISTRATION.

Article 1. Licenses and Bonds

Section 30141

30141. Bond requirements. Every applicant for a license as a distributor shall file with the board, security in the amount and form as the board prescribes. Any security in the form of cash, insured deposits in banks or savings and loan institutions, or a bond or bonds duly executed by an admitted surety insurer, payable to the state, conditioned upon faithful performance of all the requirements of this part providing for the payment of all taxes, penalties, and other obligations of the person arising out of this part shall be held by the board in trust to be used solely in the manner provided in this section.

History.—Stats. 1982, Ch. 517, in effect January 1, 1983, substituted "an admitted surety insurer" for "him . . . surety" after "executed by." Stats. 1993, Ch. 1113, in effect January 1, 1994, added "security" after "board,"; substituted "the" for "such" before "amount and"; substituted "the" for "such" after "amount and"; substituted a period for a comma after "prescribes"; added "Any security . . . institutions, or" after "prescribes"; added "duly" after "bonds"; substituted "state" for "people of the State of California" after "payable to the"; added "faithful performance . . . providing for" after "conditioned upon"; substituted "person" for "distributor" after "obligations of the"; substituted "out of" for "under" after "arising"; and added "shall be . . . this section" after "part".