49-45-25 Notice to commission of grain buyer's noncompliant financial condition--Violation as felon...
Notice to commission of grain buyer's noncompliant financial condition--Violation
as felony or misdemeanor--Civil fine.
If at any time during the licensing period a grain buyer
becomes aware that the grain buyer is not in compliance with each financial standard, as set forth
in the commission's rules, the grain buyer shall immediately notify the commission of the grain
buyer's financial condition. When notification occurs, the commission shall immediately conduct an
examination to determine if any grounds for suspension pursuant to § 49-45-16 have occurred. A
willful violation of this section that results in a financial loss to a grain supplier is a Class 6 felony.
A willful violation that does not result in a financial loss to a grain supplier is a Class 1
In addition, the commission may assess a civil fine against an out of compliance grain buyer in
an amount not to exceed one thousand dollars for each day the grain buyer has been out of
compliance up to a maximum of twenty thousand dollars.
Source: SL 2013, ch 238, § 17, eff. Apr. 1, 2013.