HARRY HUGHES, Governor

2887

(2) IF AND AS APPLICABLE, THE LAWS AND THE RULES AND
REGULATIONS IN EFFECT AS TO THE RETAIL SALES TAX AND THE STATE
USE TAX IN MARYLAND SHALL BE ADOPTED AND FOLLOWED BY THE BOARD IN
ADOPTING A RULE OR REGULATION.

(I) (1) THE SURETY BOND OF THE TREASURER OF THE COUNTY MAY
BE INCREASED BY THE BOARD, IN RELATION TO THE MONEYS COLLECTED
AND DISTRIBUTED UNDER THIS SECTION.

(2) THE PREMIUM FOR ANY INCREASE IN THE SURETY BOND
SHALL BE DEEMED PART OF THE COST OF IMPOSING AND COLLECTING THE
TAX IMPOSED IN THIS SECTION.

(J) (1) THE PERSON COLLECTING THE TAX MAY APPLY AND CREDIT
AGAINST THE AMOUNT OF TAX PAYABLE BY THE PERSON AN AMOUNT EQUAL
TO 1 1/2 PERCENT OF THE GROSS TAX TO BE REMITTED BY THE PERSON TO
THE BOARD, TO COVER THE PERSON'S EXPENSE IN THE COLLECTION AND
REMITTANCE OF THE TAX.

(2) HOWEVER, THIS SUBSECTION DOES NOT APPLY TO ANY
PERSON WHO FAILS OR REFUSES TO FILE HIS RETURN WITH THE BOARD
WITHIN THE TIME PRESCRIBED WITHIN THIS SECTION.

(K) (1) (I) THE BOARD IN ORDER TO PROTECT THE REVENUES TO
BE OBTAINED UNDER THIS SECTION MAY REQUIRE ANY PERSON COLLECTING
THE TAX TO FILE WITH THE BOARD A SURETY BOND ISSUED BY A SURETY
COMPANY AUTHORIZED TO DO BUSINESS IN THIS STATE AND APPROVED BY
THE STATE INSURANCE COMMISSIONER AS TO SOLVENCY AND
RESPONSIBILITY, IN SUCH AMOUNT OR AMOUNTS FROM TIME TO TIME AS
THE BOARD MAY FIX TO SECURE THE PAYMENT OF THE TAX DUE OR WHICH
MAY BECOME DUE FROM THE PERSON COLLECTING THE TAX.

(II)  IF THE BOARD DETERMINES THAT THE PERSON IS
TO FILE SUCH A BOND, THE BOARD SHALL GIVE NOTICE TO THE PERSON TO
THAT EFFECT SPECIFYING THE AMOUNT OF BOND REQUIRED.

(III)  THE PERSON COLLECTING THE TAX SHALL FILE
THE BOND WITHIN 5 DAYS AFTER RECEIVING THE NOTICE UNLESS WITHIN
THAT PERIOD THE PERSON REQUESTS IN WRITING A HEARING BEFORE THE
BOARD, AT WHICH HEARING THE NECESSITY, PROPRIETY, AND AMOUNT OF
THE BOND SHALL BE DETERMINED BY THE BOARD.

(IV)  THIS DETERMINATION IS FINAL AND SHALL BE
COMPLIED WITH WITHIN 15 DAYS AFTER THE PERSON COLLECTING THE TAX
RECEIVES NOTICE THEREOF.

(2) (I) IN LIEU OF THE BOND REQUIRED BY PARAGRAPH (1)
OF THIS SUBSECTION, SECURITIES APPROVED BY THE BOARD OR CASH IN
SUCH AMOUNT AS THE BOARD PRESCRIBES MAY BE DEPOSITED, WHICH SHALL
BE KEPT IN THE CUSTODY OF THE BOARD.

(II) THE BOARD AT ANY TIME WITHOUT NOTICE TO
THE DEPOSITOR OF THE SECURITIES OR CASH MAY APPLY THEM TO ANY TAX
DUE, AND FOR THAT PURPOSE THE SECURITIES MAY BE SOLD BY THE BOARD