A. The Commissioner may cancel the license of any person licensed under this article, upon written notice sent by certified mail to the licensee’s last known address appearing in the Commissioner’s files, for any of the following reasons:
5. Failure to file a new or additional bond or certificate of deposit upon request of the Commissioner pursuant to § 58.1-2211;
B. Upon cancellation of any license for any cause listed in subsection A, the tax levied under this chapter shall become due and payable on (i) all untaxed motor fuel held in storage or otherwise in the possession of the licensee and (ii) all motor fuel sold, delivered, or used prior to the cancellation on which the tax has not been paid.
D. Upon cancellation of any license and payment by the licensee of all taxes due, including all penalties accruing due to any failure by the licensee to comply with the provisions of this chapter, the Commissioner shall cancel and surrender the bond or certificate of deposit filed by such licensee.
2000, cc. 729, 758; 2006, c. 594.