Purchase of tax stamps on account by licensed distributors; permit; time of payment; bond; cancellation of permit without notice for failure or refusal to comply with Code section; annual payment of any liability outstanding
(a) The commissioner may permit licensed distributors to purchase
tax stamps from the department on account. Permits may be granted only
to licensed distributors who post bonds with the commissioner in amounts
sufficient in the opinion of the commissioner to secure payment for stamps
delivered on account. Tax stamps purchased by licensed distributors shall
be paid for in full on or before the twentieth day of the month next succeeding
the purchase. The bond provided in this Code section shall be secured
by cash which shall bear no interest, by negotiable securities approved
by the Office of the State Treasurer, or by a surety bond executed by
a surety company licensed to do business in this state and approved by
(b) The commissioner may cancel without notice any permit issued under this Code section if the licensed distributor fails or refuses to comply with the requirements of this Code section or with the rules and regulations adopted under authority of this Code section.
(c) On or before June 30 of each fiscal year, the licensed distributor shall pay in its entirety any liability for the purchase of tax stamps due at that time.