SECTION 710:20-5-9. Commission may require security from vendor

(a)   General provisions. To assure payment of any mixed beverage tax due, the Commission shall require that sufficient security be deposited with the Commission. Security may be in the form of:

(1)   A corporate surety bond, furnished by a surety licensed to do business in Oklahoma;

(2)   A certificate of deposit issued by a bank or financial institution, issued to the "taxpayer OR the Oklahoma Tax Commission";

(3)   Cash; or,

(4)   Any other form agreed upon by the Commission and person liable for remitting the tax.

(b)   Amount of required bond. The amount of the bond shall not be less than an amount equal to the average estimated quarterly gross receipts tax liability and not greater than an amount equal to three times the average estimated quarterly gross receipts tax liability.

(c)   Minimum bond. The minimum bond required for a new permit holder shall not be less than One Thousand Five Hundred Dollars ($1,500.00).

(d)   Forfeiture or cancellation of bond The forfeiture or cancellation of such bond or security shall result in the automatic revocation of the mixed beverage tax permit issued pursuant to provisions of the Oklahoma Alcoholic Beverage Control Act.

[Source: Added at 20 Ok Reg 2586, eff 7-11-03]