Section 207.1057 – Financial Statements.
207.1057 Financial statements. Sec. 57. (1) The department may at any time require an applicant or a licensee to furnish current, verified financial statements. (2) The department is not required to accept as accurate financial statements which have not been certified or independently audited and may independently inquire into the financial condition of an applicant. […]
Section 207.1058 – Surety Bond or Cash Deposit.
207.1058 Surety bond or cash deposit. Sec. 58. (1) Except as otherwise provided in this section, a person who applies for a license under this act is not required to file with the department a surety bond or cash deposit. However, the department may require a surety bond or cash deposit if the department considers […]
Section 207.1059 – New or Increased Amount of Bond or Cash Deposit.
207.1059 New or increased amount of bond or cash deposit. Sec. 59. (1) If the department reasonably determines that the amount of an existing bond or cash deposit is insufficient to ensure payment to the state of the tax and any penalty and interest for which the licensee is or may become liable, the licensee […]
Section 207.1060 – Filing New Bond; Circumstances; Release of Previous Bond; Reduced or Disposed Cash Deposit.
207.1060 Filing new bond; circumstances; release of previous bond; reduced or disposed cash deposit. Sec. 60. (1) The department may require a licensee to file a new bond with a satisfactory surety in the same form and amount under either of the following circumstances: (a) Liability upon the previous bond is discharged or reduced by […]
Section 207.1061 – Release From Bond or Cash Deposit.
207.1061 Release from bond or cash deposit. Sec. 61. (1) If the surety of a bond provides the department with a written request for a release from the bond, the surety is released from any liability to the state accruing on the bond more than 60 days after the date of the request. The release […]
Section 207.1062 – Denial of License Application.
207.1062 Denial of license application. Sec. 62. (1) Upon denial of an application for a license, the department shall provide the applicant with notice of and reasons for the denial and a statement of the applicant’s right to appeal under section 22 of 1941 PA 122, MCL 205.22. (2) Before denying an application, the department […]
Section 207.1063 – Issuance of License.
207.1063 Issuance of license. Sec. 63. (1) If an application and the accompanying bond or cash deposit, if any, are approved, the department shall issue a license to the applicant. (2) A licensee shall retain a copy of its license at each of its business locations unless the department waives this requirement. (3) A licensee […]
Section 207.1064 – Transfer of License; Prohibition.
207.1064 Transfer of license; prohibition. Sec. 64. (1) A licensee shall not transfer a license issued under this act to another person. If a licensee transfers or attempts to transfer a license, the license is automatically revoked on that date. (2) If a licensee transfers a majority interest in a business association other than a […]
Section 207.1044 – Tax Refund on Motor Fuel Consumed for Exempt Use.
207.1044 Tax refund on motor fuel consumed for exempt use. Sec. 44. An end user may seek a refund for tax paid under this act on motor fuel purchased by the end user for consumption for an exempt use described under section 30 on which the tax imposed by section 8 was previously paid and […]
Section 207.1065 – Discontinuance, Sale, or Transfer of Business; Notice.
207.1065 Discontinuance, sale, or transfer of business; notice. Sec. 65. (1) If a licensee discontinues, sells, or transfers its business, the licensee shall notify the department in writing of the discontinuance, sale, or transfer. (2) The notice shall be provided on or within 3 business days after the date of discontinuance, sale, or transfer. (3) […]