Section 15-68-512 - Security - limitations - sale of security deposit at auction - bond(1) The department may require a retailer to deposit, with the department, security in a form and amount that the department, by administrative rule, determines is appropriate. The deposit may not be more than twice the estimated average liability for the period for which the return is required to be filed. The amount of security may be increased or decreased by the department, subject to the limitations provided in this section.(2)(a) If necessary, the department may sell, at public auction, property deposited as security to recover any sales tax or use tax amount required to be collected, including interest and penalties.(b) Notice of the sale must be served personally upon or sent by certified mail to the person that deposited the security.(c) After the sale, any surplus above the amount due that is not required as security under this section must be returned to the person that deposited the security.(3) In lieu of security, the department may require a retailer to file a bond, issued by a surety company authorized to transact business within this state, to guarantee solvency and responsibility.(4) In addition to the other requirements of this section, the department may require the corporate officers, directors, or shareholders of a corporation to provide a personal guaranty and assumption of liability for the payment of the tax due under this chapter.En. Sec. 27, Ch. 544, L. 2003.