276.511. Classification of dealers.
Classification of dealers.
276.511. 1. For the purpose of regulation, all dealers shall beclassified according to their type of business operation.
2. Dealers that meet the requirements set forth below may beclassified as class I dealers:
(1) Each class I grain dealer must have and maintain a net worthequal to the greater of fifty thousand dollars or two percent of grainpurchases;
(2) Each class I grain dealer shall be open for business everybusiness day for a period of not less than six hours between the hours of8:00 a.m. and 6:00 p.m., except as provided in subdivision (3) of thissubsection. The dealer shall keep conspicuously posted on the door of thepublic entrance to his office a notice showing the hours during which thebusiness will be kept open, except when such business is kept opencontinuously from 9:00 a.m. to 4:00 p.m.;
(3) In case the dealer's office is not to be kept open as required bysubdivision (2) of this subsection, the notice posted as prescribed in thatsubdivision shall state the period during which the business is to beclosed and the name of an accessible person, with the address where he isto be found, and the telephone number, if any, of whom shall be authorizedto pay for grain sold to such dealer business.
3. Dealers also licensed as warehousemen under chapter 411, RSMo, orunder the United States Warehouse Act that do not meet the requirements ofclass I dealers are class II dealers.
(1) Each class II grain dealer shall be open for business everybusiness day for a period of not less than six hours between the hours of8:00 a.m. and 6:00 p.m., except as provided in subdivision (2) of thissubsection. The dealer shall keep conspicuously posted on the door of thepublic entrance to his office a notice showing the hours during which thebusiness will be kept open, except when such business is kept opencontinuously from 9:00 a.m. to 4:00 p.m.;
(2) In case the dealer's office is not to be kept open as required bysubdivision (1) of this subsection, the notice posted as prescribed in thatsubdivision shall state the period during which the business is to beclosed and the name of an accessible person, with the address where he isto be found, and the telephone number, if any, of whom shall be authorizedto pay for grain sold to such dealer business.
4. Dealers using physical facilities, in which bulk grain may bestored or held, in the operation of their dealer business, maintaining* anoffice, and not licensed as a warehouseman under chapter 411, RSMo, or theUnited States Warehouse Act, may be classified by the director as class IIIgrain dealers.
(1) Each class III grain dealer shall be open for business everybusiness day for a period of not less than six hours between the hours of8:00 a.m. and 6:00 p.m., except as provided in subdivision (2) of thissubsection. The dealer shall keep conspicuously posted on the door of thepublic entrance to his office a notice showing the hours during which thebusiness will be kept open, except when such business is kept opencontinuously from 9:00 a.m. to 4:00 p.m.;
(2) In case the dealer's office is not to be kept open as required bysubdivision (1) of this subsection, the notice posted as prescribed in thatsubdivision shall state the period during which the business is to beclosed and the name of an accessible person, with the address where he isto be found, and the telephone number, if any, of whom shall be authorizedto pay for grain sold to such dealer business.
5. Dealers primarily engaged in the trucking or transportationbusiness, who incidental to or as a part of such business buy or sellgrain, may be classified by the director as class IV dealers.
6. Notwithstanding subdivision (18) of subsection 4 of section276.401 to the contrary, dealers whose grain transactions are onlycomprised of sales of grain from their own farming operations may apply fora class V grain dealers license.
7. All dealers who are not class I, II, III, IV or V dealers areclass VI dealers.
8. The director may establish, by rule or regulation, additionalrequirements for the regulation of all classes of grain dealers. Suchrules and regulations shall not be inconsistent with the provisions ofsections 276.401 to 276.582.
(L. 1980 H.B. 1627 § 23, A.L. 1986 H.B. 1578, A.L. 1997 H.B. 211)Effective 4-2-97
*Word "maintain" appears in original rolls.