Bond or other security

1. Except as otherwise provided in this section, each licensed remote retail seller shall furnish a bond executed by the remote retail seller as principal, and by a corporation qualified under the laws of this State as surety, payable to the State of Nevada and conditioned upon the payment of all excise taxes required to be precollected by the remote retail seller pursuant to the provisions of NRS 370.5031 to 370.50341, inclusive. Each bond must be in a principal sum equal to the largest amount of tax precollected by the remote retail seller in any quarter of the preceding year. If the information to establish that amount is not available, then the bond must be in a sum required from a licensee operating under conditions deemed comparable by the Department. No bond may be for less than $1,000. When cash is used, the amount must be rounded up to the next larger integral multiple of $100. 2. Upon application and a satisfactory showing, the Department may increase or decrease the amount of a bond required by subsection 1, based on the record of taxes remitted by the remote retail seller. 3. The Department may waive the requirement of the bond required by subsection 1 whenever a licensed remote retail seller has maintained a satisfactory record of payment of excise taxes or deferred payments, respectively, for a period of 5 consecutive years. 4. A remote retail seller is not entitled to a refund of any portion of money paid as a bond pursuant to this section if the remote retail seller has failed to file a report required by this chapter or owes the Department any fee, payment or penalty.