Section 320. Form of the bond

Latest version.

The bond shall be:

1. Executed on forms approved and furnished to the rentor by the commissioner;

2. Executed by some surety company licensed to do business under the laws of the Commonwealth;

3. Conditioned upon the prompt filing of true reports and the payment by the rentor to the commissioner of any rental or additional taxes and rental fees together with any penalties or interest; and

4. Written so that it will continue in force from year to year, upon timely payment of premium, unless sooner terminated.

Historical Notes

Derived from VR485-60-8701 § 6.3, eff. January 1, 1987; amended, Volume 20, Issue 21, eff. July 1, 2004.

Statutory Authority

§ 58.1-2421 of the Code of Virginia.

                    
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