Senate Bill 2531

AN ACT TO AMEND SECTION 63-21-13, MISSISSIPPI CODE OF 1972, TO REVISE THE AMOUNT OF THE REQUIRED SURETY BOND FOR LICENSED MOTOR VEHICLE DEALERS CONDITIONED FOR THE FAITHFUL PERFORMANCE OF THEIR DUTIES; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 63-21-13, Mississippi Code of 1972, is amended as follows:

63-21-13. (1) The tax collector of each of the several counties in this state shall by virtue of his office be a designated agent of the State Tax Commission. Such tax collectors may perform their duties under this chapter either personally or through any of their deputies.

(2) Every licensed dealer as defined in this chapter, shall be a designated agent of the State Tax Commission. Such dealers may perform their duties under this chapter either personally or through any of their officers or employees. Such dealers or persons shall enter into a bond with a surety company authorized to do business in this state as surety thereon, payable to the State of Mississippi in a sum to be determined by the commission, but in no case to be less than Fifty Thousand Dollars ($50,000.00), conditioned for the faithful performance of their duties under this chapter.

(3) The State Tax Commission may appoint persons other than licensed dealers as its designated agents, provided that such appointees shall enter into a bond with a surety company authorized to do business in this state as surety thereon, payable to the State of Mississippi in a sum to be determined by the commission, but in no case to be less than Fifty Thousand Dollars ($50,000.00), conditioned for the faithful performance of their duties under this chapter.

SECTION 2. This act shall take effect and be in force from and after July 1, 2005.