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 49-45-25 – 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 […]
Section 49-45-18 – Audit of scale tickets–Certification of quantity and class of grain.
49-45-18. Audit of scale tickets–Certification of quantity and class of grain. If the commission becomes aware of any act by any grain buyer as described in §49-45-16, the commission may: (1)Undertake an immediate audit and verify the names and addresses of all outstanding scale ticket holders as revealed by the audit, and audit and certify […]
Section 49-45-19 – Grain buyer license—Revocation—Filing of claims.
49-45-19. Grain buyer license—Revocation—Filing of claims. Upon the revocation of a grain buyer license, any claim against the grain buyer arising under this chapter must be made in writing and filed with the commission, within ninety days after receiving notice of the revocation. Upon the revocation of a grain buyer license, the commission shall: (1)Once […]
Section 49-45-21 – Commission authorized to contract for inspection of grain buyers’ assessment and checkoff records.
49-45-21. Commission authorized to contract for inspection of grain buyers’ assessment and checkoff records. The commission may contract with the Wheat Commission pursuant to §38-10-41, with the South Dakota Oilseeds Council pursuant to §38-27-19, the Soybean Research and Promotion Council pursuant to §38-29-14, the South Dakota Corn Utilization Council pursuant to §38-32-24, and the South […]