When a bonded title transaction is received by a state revenue office, the transaction should be examined to ensure that:

1. (1) The corporate surety bond, certificate of deposit with assignment, or irrevocable letter of credit has been issued for an amount equal to or exceeding the amount determined by the department;
2. (2) The bond is effective for a period of three (3) years from the date of issuance;
3. (3) The application for bonded title has been made within thirty (30) days from the effective date of the bond;
4. (4) An application presented more than thirty (30) days after the effective date of the bond shall not be accepted; and
5. (5) The vehicle description (year, make, model, vehicle identification number, body style) reflected on the application matches the vehicle description reflected on the bond.