49-43-62 Notice to commission of grain warehouse's noncompliant financial condition--Violation as f...
Notice to commission of grain warehouse's noncompliant financial condition--Violation as felony or misdemeanor--Civil fine.
If at any time during the licensing period a grain
warehouse operator becomes aware that the grain warehouse is not in compliance with each financial
standard, as set forth in the commission's rules, the grain warehouse operator shall immediately
notify the commission of the grain warehouse's financial condition. When notification occurs, the
commission shall immediately conduct an examination to determine if any grounds for suspension
pursuant to § 49-43-5.6 have occurred. A willful violation of this section that results in a financial
loss to a grain depositor is a Class 6 felony. A willful violation that does not result in a financial loss
to a grain depositor is a Class 1 misdemeanor.
In addition, the commission may assess a civil fine against an out of compliance grain warehouse
in an amount not to exceed one thousand dollars for each day the grain warehouse has been out of
compliance up to a maximum of twenty thousand dollars.
Source: SL 2013, ch 238, § 7, eff. Apr. 1, 2013.