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2023 New Hampshire Revised Statutes
Title XXI - Motor Vehicles
Chapter 260 - Administration of Motor Vehicle Laws
Section 260:37-a - Licensed Distributors Exempt from Bond Requirement.
Universal Citation: NH Rev Stat § 260:37-a (2023)
260:37-a Licensed Distributors Exempt from Bond Requirement. –
I. A distributor may request a release or reduction of the bond required pursuant to RSA 260:37 if the distributor has complied with all licensing, reporting, and payment requirements of this chapter for the immediately preceding 3 consecutive years, provided that such distributors first provide audited financial statements for the immediately preceding 3 years and have been licensed as distributors in good standing in New Hampshire for the immediately preceding 5 consecutive years. If the commissioner or his or her designee determines that release or reduction of the bond will not unreasonably jeopardize state revenues, the bond shall be released or reduced.
II. In the event a distributor exempt under paragraph I fails to remain in compliance with this chapter, the commissioner may reimpose the bond requirement under RSA 260:37 if he or she determines that a material change in circumstances has occurred and that state road toll revenue will be unreasonably jeopardized without imposition of the bond. The commissioner shall notify a distributor of the requirement to obtain a new bond under this paragraph in writing, and shall provide the distributor 30 days to secure a new bond.
III. A distributor aggrieved by a decision of the commissioner under paragraph II may appeal the decision pursuant to RSA 260:6.
I. A distributor may request a release or reduction of the bond required pursuant to RSA 260:37 if the distributor has complied with all licensing, reporting, and payment requirements of this chapter for the immediately preceding 3 consecutive years, provided that such distributors first provide audited financial statements for the immediately preceding 3 years and have been licensed as distributors in good standing in New Hampshire for the immediately preceding 5 consecutive years. If the commissioner or his or her designee determines that release or reduction of the bond will not unreasonably jeopardize state revenues, the bond shall be released or reduced.
II. In the event a distributor exempt under paragraph I fails to remain in compliance with this chapter, the commissioner may reimpose the bond requirement under RSA 260:37 if he or she determines that a material change in circumstances has occurred and that state road toll revenue will be unreasonably jeopardized without imposition of the bond. The commissioner shall notify a distributor of the requirement to obtain a new bond under this paragraph in writing, and shall provide the distributor 30 days to secure a new bond.
III. A distributor aggrieved by a decision of the commissioner under paragraph II may appeal the decision pursuant to RSA 260:6.
Source. 2019, 188:1, eff. Jan. 1, 2020.
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