The Texas Comptroller Public Accounts Office requires entities selling diesel or gasoline to post a surety bond with the Texas State Comptroller. The bond guarantees that the seller will pay taxes from sales promptly when due. Various states require similar bonds.

The controller instructs the client regarding how much of a bond they require based on the amount of sales under Texas Tax Code sections 111.0047 and 111.021, 111.017, and 111.018.

The bond itself is a financial guarantee of the payment of taxes as they are due. Depending on the size of the company applying for the bond (also selling the fuel), the Surety may require the owners to act as additional indemnitors (or for the owners to guarantee the bond personally). The surety will also look at the owner’s credit scores and check whether or not they own property to underwrite the matter.

Suppose they have sufficient credit and are homeowners along with being compliant with the statutes. In that case, the Surety will have the corporation individuals execute an indemnity agreement, charge an annual bond premium, and issue the bond.

The original bond would be issued from my office and sent to the bond principal for signature. The signature will be notarized before filing with the Texas Comptroller Public Accounts Office. 

My name is Neil Pedersen. Give me a call to discuss any bonding matter. 

Neil Pedersen
PEDERSEN & SONS SURETY BOND AGENCY, INC.
15 Maiden Lane Suite #800
New York, NY, 10038
212-227-7277
800-720-7277
neil@courtbondnow.com

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Neil Pedersen
PEDERSEN & SONS SURETY BOND AGENCY, INC.
15 Maiden Lane Suite #800
New York, NY, 10038
212-227-7277
800-720-7277
neil@courtbondnow.com

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