Sec. 409. (a) Sixty (60) days after making a written request for release to the administrator, the surety of a bond furnished by a distributor is released from any liability to the state accruing on the bond after the sixty (60) day period. The release does not affect any liability accruing before the expiration of the sixty (60) day period.
(b) One hundred eighty (180) days after making a written request for release to the administrator, the financial institution issuing the letter of credit for a distributor is released from any liability accruing on the letter of credit.
(c) The administrator shall promptly notify the distributor furnishing the bond or letter of credit that a release has been requested, and unless the distributor obtains a new bond or letter of credit which meets the requirements of section 406 of this chapter and files with the administrator:
(1) the new bond within the sixty (60) day period; or
(2) the new letter of credit within the one hundred eighty (180) day period;
the administrator shall cancel the distributor's license.
(d) Sixty (60) days after making a written request for release to the administrator, the cash deposit provided by a distributor is cancelled as security for any obligation accruing after the expiration of the sixty (60) day period. However, the administrator may retain all or part of the cash deposit for up to three (3) years and one (1) day as security for any obligations accruing before the effective date of the cancellation. Any part of the deposit that is not retained by the administrator shall be released to the distributor. Before the expiration of the sixty (60) day period, the distributor must provide the administrator with a bond or letter of credit that satisfies section 406 of this chapter, or the administrator shall cancel the distributor's license.
As added by Acts 1979, P.L.79, SEC.1. Amended by P.L.97-1987, SEC.7.
Structure Indiana Code
Article 6. Motor Fuel and Vehicle Excise Taxes
6-6-1.1-102. Application of Definitions and Rules of Construction
6-6-1.1-104. Rules of Construction
6-6-1.1-105. Citation to Prior Law
6-6-1.1-201. Rate and Burden of Tax
6-6-1.1-202. Time Considered Received; In-State Gasoline; Withdrawal From Refinery or Terminal
6-6-1.1-203. Time Considered Received; Imported Gasoline; Storage
6-6-1.1-204. Time Considered Received; Imported Gasoline; Use Directly From Transport
6-6-1.1-205. Time Considered Received; Imported Gasoline; Transport by Licensed Distributor
6-6-1.1-206. Time Considered Received; In-State Gasoline Produced or Blended
6-6-1.1-208. Imported Gasoline; Motor Vehicle Fuel Supply Tanks; Exemption
6-6-1.1-209. Inventory Tax; Imposition; Computation; Listed Tax
6-6-1.1-302. Application for Exemption Permit; Persons Eligible
6-6-1.1-303. Application for Exemption Permit; Form; Fee
6-6-1.1-304. Application for Exemption Permit; Investigation
6-6-1.1-305. Exemption Permit Holders; Issuance of Certificate to Distributors
6-6-1.1-401. License to Distributor; Requirement
6-6-1.1-402. License to Distributor; Application; Contents
6-6-1.1-403. License to Distributor; Denial; Grounds; Hearing
6-6-1.1-404. License to Distributor; Foreign Corporations
6-6-1.1-405. License to Distributor; Financial Statement; Fee
6-6-1.1-405.5. Investigations to Enforce Chapter
6-6-1.1-406. License to Distributor; Bond, Letter of Credit, or Cash Deposit
6-6-1.1-407. Bond or Letter of Credit of Distributor Unsatisfactory; Reduction of Cash Deposit
6-6-1.1-410. Financial Statements; Increased Bond, Letter of Credit, or Cash Deposit Amounts
6-6-1.1-411. Temporary License; Investigation; Conditions and Requirements
6-6-1.1-412. Permanent License; Minimum Gallonage
6-6-1.1-413. No Permanent License; Insufficient Gallonage
6-6-1.1-414. License Nonassignable; New License Required
6-6-1.1-415. Cancellation of Distributor's License; Grounds; Notice; Hearing
6-6-1.1-416. Cancellation of License on Distributor's Request; Requisites
6-6-1.1-417. Cancellation of Distributor's License for Inactiveness; Notice
6-6-1.1-418. Listing of Licensed Distributors; Index of Applications and Bonds
6-6-1.1-501. Monthly Reports to Determine Tax Liability; Itemized Contents
6-6-1.1-502. Monthly Payment of Tax Due; Computation
6-6-1.1-504. Purchaser Other Than Licensed Distributor; Same Reports; Payment of Tax
6-6-1.1-512. Discontinuance, Sale, or Transfer of Distributor's Business; Notice to Administrator
6-6-1.1-515. Reports; Electronic Filing
6-6-1.1-606. Monthly Reports of All Deliveries of Gasoline in and From Indiana; Forms; Contents
6-6-1.1-606.6. Penalties; Improper Delivery of Gasoline
6-6-1.1-608. Waiver of Reports Required by Ic 6-6-1.1-606 and Ic 6-6-1.1-607; Time Limitations
6-6-1.1-701. Deduction for Exempted Gasoline
6-6-1.1-702. Sale or Exchange Agreement; Deduction
6-6-1.1-703. Sale of Tax Exempt Gasoline; Deduction
6-6-1.1-704. Refund or Deduction
6-6-1.1-705. Deduction for Evaporation, Shrinkage, Losses, and Tax Related Expenses
6-6-1.1-801.5. Tax Receipts; Transfer
6-6-1.1-802. Deposit of Tax Receipts
6-6-1.1-803. Refunds and Costs; Payment
6-6-1.1-805. Motor Fuel Tax Fund; Transfer of Residue Balance to Highway Account
6-6-1.1-902. Refund to Local Transit System; Interest
6-6-1.1-902.5. Refund to Rural Transit System; Interest
6-6-1.1-903. Refund for Tax Paid on Gasoline Purchased or Used for Designated Purposes; Interest
6-6-1.1-904.1. Refund; Required Procedures
6-6-1.1-906. Refunds or Credits; Rules and Regulations
6-6-1.1-907. Refund or Deduction; Payment of Tax in Error; Warrant; Payment; Requisites
6-6-1.1-908. Deduction in Lieu of Warrant for Payment of Refund
6-6-1.1-909. Gasoline Tax Refund Account
6-6-1.1-910. Class Action for Refund of Tax; Prerequisites
6-6-1.1-1008. Sealing Pumps; Impoundment of Vehicles or Tanks; Report of Meter Readings
6-6-1.1-1009. Cumulative Remedies
6-6-1.1-1103. Requests of Another State for Information
6-6-1.1-1110. Gallonage Totalizers; Sealing; Installation; Evidence
6-6-1.1-1202. Identification Markings on Transportation Equipment
6-6-1.1-1203. Separate Statement of Tax Rate on Sales or Delivery Slips, Bills, or Statements
6-6-1.1-1204. Political Subdivisions; Excise Tax Prohibited
6-6-1.1-1205. Criminal Proceedings; Precedence
6-6-1.1-1206. Suit Against State to Resolve Tax Dispute; Jurisdiction; Limitation
6-6-1.1-1305. Submission of False Information on Invoice to Support Refund or Credit; Forfeiture
6-6-1.1-1306. Fraudulent Procurement of Refund or Credit; Offense
6-6-1.1-1307. Submission of Multiple Invoices for Refund; Offense
6-6-1.1-1308. Failure to Pay Tax Collected to Administrator; Offense
6-6-1.1-1309. Distributor; Violations; Offense
6-6-1.1-1310. Use of Untaxed Gasoline; Offense
6-6-1.1-1312. Reckless Violations; Offense
6-6-1.1-1313. Evasion of Tax; Offense
6-6-1.1-1314. Failure to Keep Books and Records; Penalty
6-6-1.1-1315. Failure to File Reports; Incomplete Reports; Civil Penalty