The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
002
:
LICENSES
(Cite as: 32 V.S.A. § 7737)
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§ 7737. Bonding
When the Commissioner, in his or her discretion, deems it necessary to protect the
revenues to be obtained under this chapter, he or she may require any licensed wholesale
dealer to file with him or her a bond, issued by a surety company authorized to transact
business in this State, and approved by the Commissioner of Financial Regulation of
this State as to its solvency and responsibility, in an amount fixed by the Commissioner,
to secure the payment of any tax or penalties or interest due or that may become due
from that licensed wholesale dealer under this chapter. In the event that the Commissioner
determines that a licensed wholesale dealer is to file a bond, he or she shall give
notice to him or her to that effect, specifying the amount of the bond required. The
licensed wholesale dealer shall file the bond within 15 days after the giving of the
notice unless within those 15 days he or she shall request in writing a hearing before
the Commissioner at which the necessity, propriety, and amount of the bond shall be
determined by the Commissioner. The determination shall be final and shall be complied
with within 15 days after the giving of notice thereof. In lieu of a bond, securities
approved by the Commissioner or cash in such amount as he or she may prescribe may
be deposited, which shall be kept in the custody of the State Treasurer, who may,
at any time, upon instruction from the Commissioner without notice to the depositor,
apply them to any tax or interest or penalties due, and for that purpose the securities
may be sold by him or her at public or private sale without notice to the depositor
thereof. In determining whether a person should be required to obtain a bond, the
Commissioner is specifically authorized to consider the filing and payment history,
with respect to any tax administered by the Commissioner, of the person or any individual,
corporation, partnership, or other legal entity with which the person is or was associated
as principal, partner, officer, director, employee, agent, or incorporator. (Added 1981, No. 31, § 7; amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a); 2001, No. 140 (Adj. Sess.), § 40; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012; 2013, No. 14, § 13.)