Indiana MF-202

Protect your business and ensure full compliance with Indiana’s Oil Inspection Law by accurately completing the MF-202 Oil Inspection Bond with this precise, line-by-line walkthrough.

For businesses in the fuel industry, handling kerosene comes with specific regulatory responsibilities, one of which is securing the necessary financial guarantees. Indiana Form MF-202, formally known as the Oil Inspection Bond, is the legal contract used to satisfy this requirement under the Indiana Oil Inspection Law (Indiana Code 16-44-2-18). This bond serves as a financial safety net for the state, ensuring that the “principal”—the business receiving the kerosene—will faithfully pay all license taxes, penalties, and interest, and perform all duties required by law. It is a three-party agreement between the Principal (the business), the Surety (the insurance or bonding company), and the State of Indiana (the Obligee). By filing this document, the business guarantees it will adhere to all regulations regarding the receipt and handling of kerosene. If the business fails to pay its dues or meet its legal obligations, the surety steps in to cover the costs up to the bond amount, though the business remains ultimately liable. This form is not just a formality; it is a prerequisite for obtaining authorization to receive kerosene, making it a cornerstone of compliance for fuel distributors and handlers in the state.

How To File Form MF-202

This bond is a legal document that requires coordination between your business and a licensed surety company.

  1. Preparation: The business (Principal) must fill out their portion, and the Surety company must fill out theirs.
  2. Notarization: The form often requires notarization to verify the identity of the signers, as indicated by the “Notary Public” section.
  3. Submission: Once completed, signed, and sealed, the original bond must be filed with the Indiana Department of Revenue.
  4. Duration: This is a “continuing bond,” meaning it remains in full force from its effective date until it is formally cancelled by either party or replaced by a new bond.
How to Complete Indiana Form MF-202

How to Complete Indiana Form MF-202

Header Information

  • Bond Number: Enter the unique identifier assigned to this bond by the surety company.

Parties To The Bond

This section establishes who is involved in the agreement.

  • Surety bond given by: Enter the full legal name of the Principal (the business applying for the bond).
  • of: Enter the Street Address of the Principal.
  • City-Town of: Enter the city or town where the Principal is located.
  • County of: Enter the county of the Principal’s location.
  • and State of: Enter the state of the Principal’s location.
  • and: Enter the full legal name of the Surety (the bonding company).
  • of: Enter the Street Address of the Surety.
  • City, State, Zip Code: Enter the city, state, and zip code of the Surety’s office.
  • Sum of: Enter the specific bond amount in words (e.g., “Five Thousand”) on the line preceding “Thousand Dollars.” This amount is determined by the Department of Revenue based on your expected liability.

Agreement Clauses

This text outlines the legal obligations. You generally do not fill in blanks here until you reach the specific declaration of the Principal.

  • The above principal, [Name]: Re-enter the Name of the Principal who has applied for authorization to receive kerosene.
  • If the above principal, [Name]: Re-enter the Name of the Principal who is promising to pay all taxes and penalties.

Cancellation Terms

The form details that the bond can be cancelled with sixty (60) days’ written notice to the Department of Revenue. No fields need to be filled in this text block, but it is crucial to read and understand the liability terms.

Execution And Signatures

This section validates the bond. It must be signed by authorized representatives.

  • Effective Date: Enter the day, month, and year (20__) the bond goes into effect.
  • In Witness Whereof: Enter the day, month, and year (20__) the bond is legally signed and sealed.

Signatures:

  • Principal: The Owner or President of the business must sign on the line labeled “Principal”.
  • Attest: If the Principal is a corporation, the Secretary of Corporation signs here to witness the transaction.
  • Surety: The President (or attorney-in-fact) of the Surety company signs on the line labeled “Surety”.
  • By: The Indiana Resident Agent for the surety company signs on the indicated line.

Notary Acknowledgement

This section is for the Notary Public to complete.

  • State of / County of: Enter the location where the notarization is taking place.
  • Date: The Notary enters the day, month, and year the individuals appeared before them.
  • Personally appeared: The Notary writes the name of the Principal who appeared to sign the bond.
  • Signature: The Notary Public signs their name.
  • Commission Expires: The Notary enters the date their commission expires.
  • Seal: The Notary must affix their official seal to the document.
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