Massachusetts General Laws Part I. Administration of the Government (Ch. 1-182) Ch. 62C, § 66

The commissioner may require a person required to be licensed or registered under chapters 64A to 64C, inclusive, chapters 64E to 64J, inclusive, or chapter 64M or subject to taxation under section 21 of chapter 138, to file with him a bond, satisfactory to the commissioner, in such amount as the commissioner may determine, with a surety company authorized to transact business in the commonwealth as surety, to secure the payment of any tax, including any interest and penalties thereon, due or which may become due from such person under said chapters; provided, however, that the amount of such bond required from a vendor under chapter 64H or 64I shall not exceed the amount which the commissioner shall determine to be such vendor’s average tax liability for a 6-month period.

In lieu of a surety bond a licensee or registrant may deposit with the state treasurer bonds or other negotiable obligations of the commonwealth or of the United States of such aggregate face amount as the commissioner may from time to time deem necessary adequately to secure payment of the taxes, including any interest or penalty thereon, imposed under said chapters; provided, that bonds need not be accepted by the state treasurer unless in registered form and of denominations satisfactory to him. In case of such deposit of bonds or other negotiable obligations, the state treasurer shall, while in possession thereof, remit to such person as aforesaid, or persons entitled thereto, the interest accruing and payable thereon; and, if the taxes imposed under said chapters and all interest and penalties shall be paid in full and if the person is no longer a licensee or registrant under said chapters, the state treasurer shall return such bonds or obligations to the persons entitled thereto. If the tax together with all interest and penalties shall not be paid, the state treasurer may sell all or any part of such bonds or obligations to satisfy the amount due the commonwealth and shall return to the persons entitled thereto any excess left in his hands, provided, however, that the person is no longer a licensee or registrant under said chapters.