Section 49-45-27 – Owner, manager, or chief executive officer responsible for violation is subject to criminal penalty.
49-45-27. Owner, manager, or chief executive officer responsible for violation is subject to criminal penalty. The owner, manager, or chief executive officer of a grain buyer, or any other person in a managerial position, who is responsible for any violation of this chapter by a grain buyer is subject to any criminal penalty that applies […]
Section 49-45-28 – Parent company furnishing financial statements responsible for financial obligations of licensed entity.
49-45-28. Parent company furnishing financial statements responsible for financial obligations of licensed entity. If an applicant for a grain buyer license that is a subsidiary of a parent company submits the financial statements of the parent company, the parent company furnishing the financial statements is responsible for all the financial obligations incurred by the licensed […]
Section 49-45-29 – Grain broker–Prohibited activities–Penalty–Civil fine.
49-45-29. Grain broker–Prohibited activities–Penalty–Civil fine. It is a Class 5 felony for a grain broker to: (1)Negotiate or attempt to negotiate a grain transaction with a grain buyer, who is not licensed in accordance with this chapter; or (2)Take title or attempt to take title to grain that is subject to a transaction being negotiated […]
Section 49-45-22 – Class A license requirements–Violation as misdemeanor.
49-45-22. Class A license requirements–Violation as misdemeanor. A grain buyer with a Class A license shall keep all company owned grain in the grain buyer’s possession insured at current market value of the grain against loss by fire, windstorm, and extended coverage risks. The grain buyer shall furnish the commission with proof of the insurance […]
Section 49-45-23 – Records of grain purchased and contracts.
49-45-23. Records of grain purchased and contracts. A grain buyer shall keep all records of grain purchased and all contracts issued and canceled in a safe place. The records shall be kept current and open for inspection by the commission. Each record shall be retained for a period of six years. Source: SL 2008, ch […]
Section 49-45-24 – Notice of destruction of or damage to facility.
49-45-24. Notice of destruction of or damage to facility. A grain buyer shall notify the commission, within twenty-four hours, if the facility of a facility-based grain buyer is destroyed or substantially damaged. Source: SL 2008, ch 251, §22.
Section 49-45-25 – Grain buyer’s financial condition–Notice to commission–Penalty–Civil fine.
49-45-25. Grain buyer’s financial condition–Notice to commission–Penalty–Civil fine. If during the licensing period a grain buyer becomes aware that the grain buyer is not in compliance with each financial standard, as set forth in the commission’s rules, the grain buyer shall immediately notify the commission of the grain buyer’s financial condition. When notification occurs, the […]
Section 49-45-26 – Provision of requested records–Penalty–Civil fine.
49-45-26. Provision of requested records–Penalty–Civil fine. A grain buyer, the owner, manager, or chief executive officer of a grain buyer, or any other person in a managerial position, whether licensed or unlicensed, who or that purchases grain in this state, shall, within five working days of an inspector’s request, provide to the inspector, at a […]
Section 49-45-16.1 – Receiver–Powers and duties.
49-45-16.1. Receiver–Powers and duties. If the commission determines that it is necessary, the commission may apply to the circuit court in the county in which the grain buyer operates or operated for that court to appoint a receiver. The receiver shall have such powers and duties as the court may direct. Source: SL 2011, ch […]
Section 49-45-17 – Recovery of damages for breach of obligation under bond–Notice to commission–Time for commission response.
49-45-17. Recovery of damages for breach of obligation under bond–Notice to commission–Time for commission response. Any person injured by the breach of any obligation of a grain buyer, for the performance of which a bond has been given under any of the provisions of this chapter, may sue on the bond in the person’s own […]