§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. [L 2000, c 249, pt of §1, §20(2); am L 2002, c 94, §3]