(2) Except as otherwise provided in this section, any agreement entered into by the director under this section shall remain in effect for the term of the agreement.
(3) The director may terminate any agreement entered into by the director under this section if:
(a) Any information that the taxpayer provided to the director prior to the date the agreement was entered into was inaccurate or incomplete; or
(b) The director believes that collection of any tax to which an agreement under this section relates is in jeopardy.
(4) If the director makes a determination that the financial condition of the taxpayer with whom the director has entered into an agreement under this section has significantly changed, the director may alter, modify or terminate the agreement. Action may be taken by the director under this subsection only if:
(a) Notice of such determination is provided to the taxpayer within 30 days prior to the date of such action; and
(b) Such notice includes the reasons why the director believes a significant change in the financial condition of the taxpayer has occurred.
(5) The director may alter, modify or terminate an agreement entered into by the director under this section in the case of the failure of the taxpayer to:
(a) Pay any installment at the time such installment payment is due under such agreement;
(b) Pay any other tax liability at the time such liability is due; or
(c) Provide a financial condition update as requested by the director. [1989 c.625 §73; 2003 c.46 §8]