245-27

245-27 Maximum Amount of Deferred-Payment Purchases; Bond

(a) A licensee may apply to the department to set the maximum amount of deferred-payment purchases of stamps that may remain unpaid by the licensee during the time specified under section 245-28 . Upon receipt of the application and any bond required pursuant to subsection (b), the department shall set the amount for deferred-payment purchases.

(b) The department may require that a licensee who submits an application for deferred-payment purchases of stamps post a bond in an amount of up to one hundred per cent of the maximum amount of allowed deferred-payment purchases as a condition of department approval of the application.

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