202C.1 Definitions. As used in this chapter, unless the context otherwise requires: 1. “Dealer” means a person required to be licensed as a dealer pursuant to section 163.30. However, a dealer does not include a person who operates a livestock market, as defined in section 459.102. 2. “Department” means the department of agriculture and land […]
202C.2 Evidence of financial responsibility — requirements. 1. A dealer shall provide the department with evidence of financial responsibility as required by the department. The evidence of financial responsibility shall consist of a surety bond furnished by a surety or an irrevocable letter of credit issued by a financial institution. 2. The evidence of financial […]
202C.3 Surety or issuer — liability. 1. The purchaser may bring a legal action arising from the breach of a sales agreement against the surety on the bond or issuer on the irrevocable letter of credit in the purchaser’s own name in district court to recover any damages as allowed by law. The purchaser may […]
202C.4 Departmental rules. The department shall adopt rules as required to administer this chapter, including but not limited to rules providing for amounts of evidence of financial responsibility, qualifications for a surety or financial institution, procedures for filing evidence of financial responsibility, including replacement bonds or letters of credit, requirements for the cancellation of the […]
