(1) Gasoline, special fuel, or aviation fuel distributors must furnish the Department of Transportation a corporate surety bond executed by the distributor as principal with a corporate surety authorized to transact business in this state or other collateral security or indemnity. The total amount of bond or collateral security or indemnity must be equivalent to twice the distributor's estimated monthly gasoline, special fuel, or aviation fuel tax, in no case greater than $100,000.
(2) The department may require a distributor to post an additional bond not to exceed twice the distributor's estimated monthly gasoline, special fuel, or aviation fuel tax who has in the previous 12 month period:
(a) been delinquent for more than ten days for more than one reporting period;
(b) has given the state a nonsufficient fund check and whose nonsufficient fund check was returned in result of a bank error more than twice;
(c) whose filing was returned for inadequate postage more than twice; or
(d) the department's review indicates that the required distributor's records are inadequate.