Section 140IAC2-4-4. Surety bond and minimum plate sales

   (a) If the bureau approves a group's petition, the organization must submit a bond issued by a surety authorized to transact business in Indiana. The bond must be in the amount of six thousand dollars ($6,000) and may not be canceled without the bureau's approval.

  (b) If fewer than five hundred (500) plates are sold in the first year in which the plate is available, the bond must be conditioned for payments to the bureau according to the following formula:

(500 - number of plates sold) × $12

  (c) If five hundred (500) of the new special group recognition plates are sold in the first year in which the plate is available, the bond will be returned to the organization.

  (d) If fewer than five hundred (500) plates are sold in the first year in which the plate is available, submission of a bond will be required for each subsequent year until the group satisfies the requirements of IC 9-18-25-15 [IC 9-18-25 was repealed by P.L.198-2016, SECTION 302, effective July 1, 2016.]. (Bureau of Motor Vehicles; 140 IAC 2-4-4; filed Jun 16, 1995, 3:30 p.m.: 18 IR 2674; readopted filed Oct 17, 2001, 3:52 p.m.: 25 IR 910; readopted filed Nov 14, 2007, 1:31 p.m.: 20071212-IR-140070562RFA; filed Oct 7, 2008, 10:23 a.m.: 20081105-IR-140080215FRA; readopted filed Nov 3, 2014, 1:43 p.m.: 20141203-IR-140140375RFA)