CHAPTER 182

An Act to amend and reenact § 58-735.1, as amended, of the Code of Vir-
ginia, relating to surety bond requirement of the Special Fuels Tax
Act.

[S 218]
Approved March 5, 1964

Be it enacted by the General Assembly of Virginia:
1. That § 58-735.1, as amended, of the Code of Virginia be amended and
reenacted as follows:

58-735.1. A supplier’s license shall not be issued until the person
applying therefor has filed with the Commissioner a surety bond in the
approximate sum of three times the average monthly tax due by such
supplier, except that the amount shall never be less than five hundred
dollars nor more than twenty thousand dollars. Every such bond shall have
as surety, a duly authorized surety company, approved by the Bureau of
Insurance of the State Corporation Commission and signed by a resident
Virginia agent of the surety, conditioned that the supplier shall faithfully
comply with the provisions of this chapter during the effective period of
his license. The Commissioner may require any licensed supplier to furnish
such additional surety bond as shall be necessary to secure at all times the
payment by him to the Commonwealth of all fuel taxes, penalties, interest,
fines, uncollectible check fees and attorney fees due by him; provided that
the Commonwealth and the political subdivisions thereof shall not be re-
quired to file bonds as guaranty of payment of fuel taxes imposed herein.
Such bond shall be so written that, on timely payment of the premium
thereon, it shall continue in force from year to year unless sooner termi-
nated as provided by law.