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5330 Bonds

The Secretary, at the Secretary's discretion, in order to protect the revenues to be obtained under this chapter, may require any person liable for the payment of the tobacco product tax to furnish a bond executed by a surety company authorized to do business in this State and approved by the State Insurance Commissioner as to solvency and responsibility, in such amounts as the Secretary may fix, to secure the payment of any tax and interest or penalties due or which may become due from such taxpayer. In the event that the Secretary determines that such person is to file such a bond, the Secretary shall give notice to such person to that effect, specifying the amount of the bond required. The bond shall be filed 5 days after the giving of such notice, unless within 5 days thereof a request in writing for a hearing before the Secretary of Finance shall be made, at which hearing the necessity, propriety and amount of the bond shall be reviewed and determined by the Secretary of Finance. Such determination by the Secretary shall be final and shall be complied with within 15 days after the notice thereof is sent by the Secretary to the person requesting the hearing.

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