4-11 Regulation of Wholesale Potato Dealers
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<![CDATA[CHAPTER 4-11REGULATION OF WHOLESALE POTATO DEALERS4-11-01. Definitions. In this chapter, unless the context otherwise requires:1."Commissioner" means the state seed commissioner.2."Insolvency" means an unableness or unwillingness to provide payment for potatoes<br>purchased by the dealer.3."Potato" means a tuber commonly classed as white or Irish.4."Wholesale potato dealer" means any person who buys potatoes in wholesale lots<br>directly from a grower or grower cooperative, who sells or handles potatoes in<br>wholesale lots for the purpose of processing or resale, or who handles potatoes on<br>account of or as an agent for another.4-11-02. Wholesale potato dealer license required. Before a person may engage inthe business of a wholesale potato dealer, the person must be licensed by the commissioner.4-11-03. Application for license - Contents. To obtain a license as a wholesale potatodealer, a person must complete an application and submit it to the commissioner.Theapplication must be signed by the applicant under oath and must include:1.The location in which the applicant intends to operate as a wholesale potato dealer.2.The estimated amount of business to be done monthly.3.The amount of business done the preceding year, if any.4.The greatest volume of potatoes, by hundredweight, purchased during any one<br>month in the preceding calendar year.5.The greatest value of potatoes purchased during any one month in the preceding<br>calendar year.6.The name of each partner if the applicant is a partnership.7.The name of each corporate officer and the state of incorporation if the applicant is a<br>corporation.8.The name of each manager and the state of organization if the applicant is a limited<br>liability company.9.The name of every agent employed by the applicant on the date of the application.10.A financial statement prepared in accordance with generally accepted accounting<br>principles and showing the assets and liabilities of the applicant.11.A list of similar licenses issued to the applicant in other states.12.The name of every state that has:a.Denied the applicant's request for similar licensure;b.Denied a request for similar licensure submitted by an agent employed by the<br>applicant;Page No. 1c.Issued to the applicant a similar license and thereafter suspended or revoked<br>the license; ord.Issued to an agent of the applicant a similar license and thereafter suspended<br>or revoked the agent's license.4-11-04. Form of security to accompany application for license. The commissionermay require the applicant to file a current financial statement prepared in accordance with<br>generally accepted accounting principles, a cash bond or a surety bond in an amount and form<br>determined by the commissioner, or an irrevocable letter of credit. The form of security required<br>by the commissioner must be conditioned for the faithful performance of the applicant's duties as<br>a wholesale potato dealer, for compliance with all laws and rules relating to the purchase of<br>potatoes by the dealer, for prompt payment in the case of insolvency, and for the protection and<br>benefit of any potato producer in this state during the period the license is in effect.4-11-04.1. Termination of bond - Notice to commissioner. The surety may terminateits liability under a bond by giving the commissioner at least ninety days' notice of intent to<br>terminate. The surety on a bond is released from all future liability accruing on the bond after the<br>expiration of ninety days from the date the commissioner received the notice or on a later date<br>specified by the surety. This section does not relieve, release, or discharge the surety from any<br>liability incurred before the expiration of the ninety-day period.Unless the wholesale potatodealer files a new bond at least thirty days before the surety's liability ceases, the commissioner,<br>without hearing, shall suspend the wholesale potato dealer's license. The commissioner may not<br>remove the suspension until a new bond or other form of surety has been filed and approved by<br>the commissioner.4-11-05. Issuance of license. Repealed by S.L. 2003, ch. 56, </p>
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