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 […]
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 49-45-9 – Bond requirements–Violation as misdemeanor–Amount.
49-45-9. Bond requirements–Violation as misdemeanor–Amount. Before any grain buyer license is issued by the commission, the applicant shall file with the commission a bond conditioned to secure the faithful performance of the applicant’s obligations as a grain buyer and full and unreserved compliance with the laws of this state and the rules of the commission, […]
Section 49-45-9.1 – Filing of financial documents in lieu of bond.
49-45-9.1. Filing of financial documents in lieu of bond. If the commission determines, because a corporate surety company becomes insolvent or ceases to write grain buyer bonds in this state, that a bond in the sum required by §49-45-9 cannot be executed, or if a grain buyer is in the process of chapter 11 reorganization […]
Section 49-45-10 – Payment for grain by buyer.
49-45-10. Payment for grain by buyer. A grain buyer shall pay the purchase price to the owner or the owner’s agent for grain upon delivery or demand of the owner or agent unless payment is to be made in accordance with the terms of a voluntary credit sale which complies with the requirements of this […]
Section 49-45-10.1 – Uniform scale tickets or receipts.
49-45-10.1. Uniform scale tickets or receipts. Upon receiving grain, a grain buyer shall issue to the seller an original uniform scale ticket or comparable receipt for each load of grain received. Tickets or receipts shall be numbered consecutively and a copy of each ticket or receipt shall be retained for six years. Source: SL 2008, […]
Section 49-45-11 – Voluntary credit sales.
49-45-11. Voluntary credit sales. Each voluntary credit sale of grain entered into by a grain buyer shall be in writing and shall have a settlement date. If a grain buyer meets the requirements set forth in §57A-2-201(3)(d)(iii) when entering into a voluntary credit sale contract with a seller, the in writing requirement is considered met. […]
Section 49-45-13 – Inspection of buyers’ facilities–Examination of books–Subpoena power.
49-45-13. Inspection of buyers’ facilities–Examination of books–Subpoena power. The commission shall cause the business facilities of every grain buyer, whether licensed or unlicensed, to be inspected at such times as the commission considers necessary. The inspector shall report in writing to the commission the result of the examination. The inspector may at any time during […]
Section 49-45-13.1 – Memorandum of adjustments–Civil fine for failure to comply.
49-45-13.1. Memorandum of adjustments–Civil fine for failure to comply. Upon completing an inspection, an inspector may issue a memorandum of adjustments. The commission may assess a civil fine in the amount of two hundred dollars for failure to comply with the memorandum of adjustments within thirty days. After thirty days, each day that the memorandum […]