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

(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;

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

(6)    Requirements and procedures for releasing bonds; and

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

Source: SL 1985, ch 376, § 70; SL 1986, ch 22, § 26; SL 1990, ch 371, § 7; SL 1992, ch 332, § 6; SL 2008, ch 251, § 4; SL 2011, ch 211, § 6; SL 2020, ch 202, § 1.

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