011-4 Wyo. Code R. §§ 4-4 - Cigarette Tax Meters Bonding, Cigarette Stamps

(a) Metering devices.

(i) Each meter will be initially set by the Department of Revenue.

(ii) Each meter user will forward a letter from the bank of his choice agreeing to act as setting agent.

(iii) Each meter will be read by the setting agent at least once per month, or by a representative of the Department of Revenue in the absence of a reading by the setting agent.

(b) Bond.

(i) A cash or surety bond equal to the face value of the maximum purchase of stamps is required of the wholesaler purchasing cigarette stamps with payment other than cash.

(ii) A cash or surety bond is required of each wholesaler authorized to use the cigarette tax meter equal to twice the value of the maximum meter setting purchased unless the meter settings are purchased with cash.

(c) The Department of Revenue will deposit rolled heat fusion cigarette tax stamps in banks within the State of Wyoming for disbursement to licensed Wyoming cigarette wholesalers whose stamping of cigarettes with Wyoming cigarette tax indicia utilizes Meyercord Equipment.

(i) The Wyoming cigarette wholesaler must prearrange with his bank to receive and disburse rolled Wyoming cigarette tax stamps.

(ii) The Wyoming cigarette wholesaler must make a written request to the Department of Revenue to allow his selected bank to receive and disburse Wyoming cigarette tax stamps. Such request must be accompanied by:

(A) Letter of agreement from the bank to perform such services and to comply with requirements and instructions of the Department of Revenue relating to receipt, deposit and disbursement of cigarette stamps.

(B) Bank designation of two officer level employees to administer the stamp disbursement program.

(C) Copy of signature card bearing those person's signatures authorized by the cigarette wholesaler to make remittances and receive cigarette stamps.

(iii) Related expenses incurred will be borne by the cigarette wholesaler or bank.

(iv) The Department of Revenue shall receive and review all requests submitted by resident Wyoming cigarette wholesalers and shall, at the Department of Revenue's discretion, approve only one bank in each municipality. Upon approval of a selected bank, the Department of Revenue shall transport cigarette tax stamps to the selected bank in such quantity that will not exhaust within a two-month period. A receipt for the cigarette tax stamps shall be taken at the time of delivery. Receipts for stamp disbursement will be furnished by the Department of Revenue.

(v) Cigarette tax stamps shall be disbursed in multiples of one roll (30,000 stamps). Remittances shall be made payable to the Department of Revenue and certified funds shall be mailed to the Department daily for deposit with the State Treasurer with a copy of the disbursement receipt.

(vi) Disbursement of rolled cigarette stamps shall be made in consecutive order.

(vii) All cigarette tax stamp disbursement forms must bear the name of the bank and the authorized employee making such disbursements of and accepting remittances for cigarette tax stamps. The order form shall also bear the number of the roll of cigarette tax stamps, the financial details of the transaction, and the signature of the person authorized by the wholesaler to purchase and receive cigarette stamps.

(viii) Approved banks shall at all times maintain a perpetual inventory register of all cigarette tax stamps. Banks shall also maintain a current ledger of all cigarette tax stamp receipts, date of receipts, all disbursements, date of disbursements, to whom disbursed, amounts of revenue collected and all other information relative to the safeguarding of the cigarette tax stamps and revenue collected therefrom.

(ix) The Department of Revenue shall have the authority to examine and/or audit records, etc., pertaining to the cigarette tax stamps at any time during banking hours.

(x) Approved banks shall be held responsible for the safeguard of all cigarette tax stamps and revenue held by same, as if the stamps and revenue were its own personal property. The approved bank shall be held accountable for any discrepancy between the inventory and sale of stamps by the bank.

(xi) The bank must request, in writing, an additional supply of cigarette tax stamps at such time as its present supply has diminished to not more than six rolls (180,000) of cigarette tax stamps.

Notes

011-4 Wyo. Code R. §§ 4-4