1. (a) The amount of security shall be fixed by the board. The board may increase or reduce the amount of security at any time, but in no event shall the amount of security be less than $1,000.
2. (b) When a distributor is authorized to purchase stamps or meter register settings on the deferred payment basis, the security shall be fixed in an amount no less than 70 percent of the amount, and no more than twice the amount, as fixed by the board, of deferred payment purchases which the distributor may have unpaid at anytime.

Note: Authority cited: Section 30451, Revenue and Taxation Code. Reference: Sections 30141, 30142 and 30167, Revenue and Taxation Code.

History

1. Amendment filed 9-13-61 as an emergency; effective upon filing (Register 61, No. 18).

2. Certificate of Compliance--Section 11422.1, Government Code, filed 11-9-61 (Register 61, No. 22).

3. Amendment filed 1-12-68 as an emergency; effective upon filing (Register 68, No. 2).

4. Certificate of Compliance filed 3-27-68 (Register 68, No. 13).

5. Amendment of section heading, section and Note filed 1-16-2002; operative 2-15-2002 (Register 2002, No. 3).