A. Before granting any license the Nevada Tax Commission shall require the applicant to file with the Nevada Tax Commission a bond executed by the applicant as principal, and by a corporation qualified under the laws of this State as surety, payable to the State, and conditioned upon the faithful performance of all the requirements of this Chapter and upon the punctual payment of all excise taxes, penalties and other obligations of the applicant as a dealer.
B. The total amount of the bond or bonds required of any dealer may be fixed by the Nevada Tax Commission at three (3) times the estimated maximum monthly tax, determined in such a manner as the Nevada Tax Commission deems proper. If the Nevada Tax Commission determines that a person is habitually delinquent in the payment of amounts due pursuant to this Chapter, it may increase the amount of his security to not more than five (5) times the estimated maximum monthly tax. When cash or a savings certificate, certificate of deposit or investment certificate is used, the amount required must be rounded off to the next larger integral multiple of one hundred dollars ($100.00), within the same upper limit.
C. The Nevada Tax Commission may increase or decrease the amount of security required by this Section subject to the limitations provided in this Section.
D. No recovery on any bond, nor the execution of any new bond, nor the revocation, cancellation or suspension of any license affects the validity of any bond.
E. In lieu of any bond or bonds, a dealer may deposit with the Nevada Tax Commission, under such terms and conditions as the Nevada Tax Commission may prescribe, a like amount of lawful money of the United States or any other form of security authorized by Nevada Revised Statutes 100.065. If security is provided in the form of a savings certificate, certificate of deposit or investment certificate, the certificate must state that the amount is unavailable for withdrawal except upon order of the Nevada Tax Commission. (Ord. 148, 1996: Ord. 60 Art. V(F), 1976)