(b) The registration certificate shall be issued only upon payment to the department of an annual fee of five hundred dollars ($500) which shall accompany the application for the registration certificate. In addition, a distributor must concurrently file a bond or a letter of credit:

1. (1) in a form and with a surety or financial institution approved by the department;
2. (2) in the amount of one thousand dollars ($1,000);
3. (3) naming the state as obligee; and
4. (4) conditioned upon the payment of taxes, damages, fines, penalties, or costs adjudged against the holder of the registration certificate by reason of the violation of any of the provisions of this chapter.

(e) Each certificate shall:

1. (1) be numbered;
2. (2) show the name and address of the distributor; and
3. (3) be posted in a conspicuous place at the place of business for which it is issued.

(g) Any certificate issued under this section may be surrendered to the department at any time prior to its expiration, and the department shall refund an amount of money which bears the same proportion to the fee originally paid therefor as the unexpired period of the permit bears to one (1) year. However, no refund shall be allowed in the event that a certificate is revoked as provided in this chapter, and no refund shall be made in excess of four hundred dollars ($400).

Formerly: Acts 1947, c.222, s.15; Acts 1969, c.324, s.1. As amended by P.L.2-1988, SEC.27; P.L.49-1992, SEC.1.