What is a Wyoming Taxable Fuel Bond?
The Wyoming Department of Transportation requires each fuel supplier, refiner, distributor, terminal operator, importer, and exporter of fuel (gasoline, diesel fuel, and alternative fuel) to post a surety bond as part of the license condition.
The requirement is adopted from § 39-17 of the Wyoming Code Annotated.
What is the bond amount?
The bond amount should be $50,000 or the equivalent of the licensee’s tax liability for 6 months, whichever is greater.
Those who have excellent credit scores may qualify for a very low bond premium or just 1% of the bond amount!
Find out what you need to pay by getting your FREE quote here!
What are the Taxable Fuel Bond conditions?
- The surety bond should be issued by a corporate surety who is authorized to conduct business in the State of Wyoming such as Surety Bond Authority
- The surety bond will be made payable to the Wyoming Department of Transportation
- The bond should be approved by the Wyoming Department of Transportation
- The licensee is obligated to comply with the provisions of § 39-17 of the Wyoming Code Annotated, the rules and regulations of the Wyoming Department of Transportation, and all the other applicable rules that govern fuel suppliers, refiners, distributors, terminal operators, importers, and exporters of fuel in Wyoming
- The licensee is required to pay all delinquent taxes, penalties, and interests
- If the licensee commits a valid violation, the aggrieved party will be eligible to file a claim on the bond
- The Wyoming Department of Transportation may also require persons whose license has been revoked to post a surety bond
- Failure to post the appropriate bond will result in denial of license
How can I obtain a Wyoming Taxable Fuel Bond?
In order to secure this type of bond, the licensee or license applicant must seek the assistance of a surety bond company.
You will be asked to apply for this bond.
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
If you need further information about this bond, do call one of our surety bond experts today at 800-333-7800! We’ll be happy to assist you!