75-45-307 - Issuance and renewal of license.
§ 75-45-307. Issuance and renewal of license.
If the department is satisfied:
(a) that the applicant is of good business reputation,
(b) that the applicant has adequate bonding under Section 75-45-305,
(c) that the applicant maintains a permanent business location in this state, and
(d) that the applicant has sufficient financial resources to guarantee payment to producers for grain purchased from them, the commissioner shall issue a license to the applicant or shall renew the applicant's license. Licenses shall be issued or renewed annually for a period ending ninety (90) days after the last day of the applicant's fiscal year. The license or renewal thereof issued by the department under this section shall be posted in the principal office of the licensee in this state. A certificate shall be posted in each location listed on a licensee's application where he engages in the business of buying grain. In the case of a licensee operating a truck or tractor trailer unit the licensee is required to have a certificate that the license is in effect and that a bond or certificate of deposit has been filed and is carried in each truck or tractor trailer unit used in connection with the purchase of grain from producers. Upon request of a licensee and payment of the fee thereof, the commissioner shall issue to the licensee a certificate that a license has been issued or renewed and a bond filed as required by this article.
Sources: Laws, 1978, ch. 423, § 4, eff from and after July 1, 1978.