172A.11 - SUSPENSION OF LICENSE.
172A.11 SUSPENSION OF LICENSE.
1. a. The secretary shall have the authority to suspend the
license of any dealer or broker or agent if upon hearing it is found
that the dealer or broker or agent has committed any of the following
acts or omissions:
(1) Failure to submit a larger bond amount or trust fund when
ordered by the secretary.
(2) Failure to pay for purchases of livestock in the manner
required by section 172A.9.
b. An order of suspension issued by the secretary shall be
effective for an indefinite period, unless and until the person
establishes to the satisfaction of the secretary that the person has
taken reasonable precautions to prevent a recurrence of the act or
omission in the future.
2. a. The secretary shall have the authority temporarily to
suspend without hearing the license of any licensee in any of the
following circumstances:
(1) The licensee fails to maintain proof of financial
responsibility, or the surety on the licensee's bond loses its
authorization to issue bonds in this state, or the trustee of a trust
fund loses its authorization to engage in the business of a
fiduciary.
(2) Claims are filed with the secretary against the bond or trust
in an aggregate amount equal to ten percent or more of the amount of
the bond.
b. A temporary suspension shall be effective on the date of
issuance of the order of suspension, and until a revocation hearing
has been held and the secretary either has entered an order of
revocation of the license, or has terminated the order of suspension.
Section History: Early Form
[C77, 79, 81, § 172A.11] Section History: Recent Form
2009 Acts, ch 41, §263