An Act to revise certain provisions regarding grain buyers.

Be it enacted by the Legislature of the State of South Dakota:

Section 1. That § 49-45-6 be AMENDED:

49-45-6. Supervision of grain buyers--Promulgation of rules.

The commission shall supervise the business of grain buyers in this state and administer the laws relating in relation thereto. The commission may promulgate rules, pursuant to chapter 1-26, concerning:

(1) The form of a grain buyer's bond and application and the information required to be included for licensing;

(2) Requirements for posting grain buyer's licenses;

(3) Requirements and procedures for obtaining, placing, and returning grain buyer decals and replacement decals;

(4) Notice requirements to sellers who enter into voluntary credit sale agreements;

(5)(4) Requirements for filing financial statements with the commission and the financial standards by which the statements are approved when considering whether to license a grain buyer;

(6)(5) Requirements for grain buyers to provide information to sellers regarding the statutes and rules relating to grain buyers;

(7)(6) Requirements and procedures for releasing bonds; and

(8)(7) Procedures and requirements for license suspension, revocation, transfer of ownership, or insolvency by a grain buyer.

Section 2. That section 49-43-53 be REPEALED.

49-43-53. Transfer of funds to grain and warehouse fund.