Nevada § 370.589 - Wholesale dealers: Bond or other security

§ 370.589. Wholesale dealers: Bond or other security

1. Except as otherwise provided in this section, each licensed wholesale dealer of

cigarettes and licensed wholesale dealer of other tobacco products shall furnish a

bond executed by the wholesale dealer as principal, and by a corporation qualified

under the laws of this State as surety, payable to the State of Nevada and conditioned

upon the payment of all excise taxes required to be precollected by the wholesale

dealer under the provisions of this chapter. Each bond must be in a principal sum equal to: (a) For a wholesale dealer of cigarettes, the largest amount of tax precollected by

the wholesale dealer in any quarter of the preceding year; or (b) For a wholesale dealer of other tobacco products, the largest amount of tax paid

by the wholesale dealer in any quarter of the preceding year. If the information to establish that amount is not available, then in a sum required

from a licensee operating under conditions deemed comparable by the Department. No bond may be for less than $1,000. When cash is used, the amount must be rounded up to the next larger integral multiple

of $100. 2. Except as otherwise provided in this section, each licensed wholesale dealer of

cigarettes who wishes to defer payment on the purchase of revenue stamps shall furnish

a bond executed by the wholesale dealer of cigarettes as principal, and by a corporation

qualified under the laws of this State as surety, payable to the State of Nevada and

conditioned upon the payment of all deferred payments for revenue stamps. Each bond must be in a principal sum equal to the maximum amount of revenue stamps

which the wholesale dealer of cigarettes may have unpaid at any time. No bond may be for less than $1,000. When cash is used, the amount must be rounded up to the next larger integral multiple

of $100. 3. Upon application and a satisfactory showing, the Department may increase or decrease

the amount of a bond required by subsection 1 or 2, based on the record of taxes remitted

by the wholesale dealer of cigarettes or wholesale dealer of other tobacco products. 4. The Department may waive the requirement of the bond required by subsection 1 or

2, whenever a licensed wholesale dealer of cigarettes or wholesale dealer of other

tobacco products has maintained a satisfactory record of payment of excise taxes or

deferred payments, respectively, for a period of 5 consecutive years. 5. A wholesale dealer of cigarettes and a wholesale dealer of other tobacco products

are not entitled to a refund of any portion of money paid as a bond pursuant to this

section if the wholesale dealer of cigarettes or wholesale dealer of other tobacco

products has failed to file a report required by this chapter or owes the Department

any fee, payment or penalty.