Section 67-4-1006 - Sale of stamps - Agents(a)(1) The tax imposed by this part shall be paid by the purchase of stamps from the commissioner of such design or denomination as may be prescribed by the commissioner, except that reconciliation payments of taxes on cigarettes made by cigarette rolling machine operators shall be paid in the time and manner prescribed by § 67-4-1031.(2) In lieu of tax stamps, the commissioner may, at the commissioner's discretion, provide other means by which the tax applicable to products other than cigarettes may be paid.(b)(1) The commissioner is empowered to appoint agents to sell unaffixed stamps, and manufacturing distributors, wholesale dealers and jobbers as agents to affix and sell tax stamps as required by this section.(2) Agents appointed to sell revenue stamps may be required to execute a bond with a solvent surety company, qualified to do business in the state, as surety on the bond, payable to the state and conditioned to faithfully perform the duties imposed upon them, and to faithfully account for and promptly pay to the state any and all sums due the state by virtue of their appointment, and such other reasonable conditions as the commissioner may require.(3) Agents appointed to affix stamps and those persons authorized to pay tax by some means other than through the purchase of stamps shall be required to execute a bond in such amount as may be determined by the commissioner.(4) Any agent appointed by the commissioner to affix revenue stamps shall be permitted to purchase revenue stamps by executing a bond with a solvent surety company qualified to do business in this state, in an amount of one hundred ten percent (110%) of the agent's estimated tax liability for thirty (30) days, but not less than two thousand dollars ($2,000), and conditioned upon such agent paying all taxes due the state arising from this part. This form of payment is in lieu of cash or its equivalent. Payment for each month's liability shall be due on or before the twenty-fifth day of each month, including Sundays and holidays. Default in the bonding and payment provisions by any agent may result in the revocation of the agent's privilege to purchase revenue stamps, except for cash, for a period up to twelve (12) months, in the discretion of the commissioner.(5) Agents for affixing revenue stamps are in no way authorized to sell stamps not affixed to tobacco products.(6) A violation of this section may result in suspension or revocation of the agency appointment. The procedure for suspension or revocation shall be upon a show cause petition, the procedure to be as set out in § 67-4-1021.Acts 1937, ch. 133, § 5; C. Supp. 1950, § 1238.2 (Williams, § 1213.5); Acts 1965, ch. 118, § 3; 1967, ch. 98, § 3; 1972, ch. 457, § 2; T.C.A. (orig. ed.), § 67-3104; Acts 2012, ch. 1066, § 3.