Section 49-43-61 – Parent company furnishing financial statements responsible for financial obligations of licensed entity.
49-43-61. Parent company furnishing financial statements responsible for financial obligations of licensed entity. If an applicant for a warehouse 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 entity […]
Section 49-43-62 – Grain warehouse operator’s financial condition–Notice to commission–Penalty–Civil fine.
49-43-62. Grain warehouse operator’s financial condition–Notice to commission–Penalty–Civil fine. If during the licensing period a grain warehouse operator becomes aware that the grain warehouse is not in compliance with each financial standard, as set forth in the commission’s rules, the grain warehouse operator shall immediately notify the commission of the grain warehouse’s financial condition. When […]
Section 49-43-63 – Owner, manager, or chief executive officer responsible for violation is subject to criminal penalty.
49-43-63. Owner, manager, or chief executive officer responsible for violation is subject to criminal penalty. The owner, manager, or chief executive officer of a grain warehouse, or any other person in a managerial position, who is responsible for any violation of this chapter by a grain warehouse is subject to any criminal penalty that applies […]
Section 49-45-1 – Grain buyer’s license–Penalty–Civil fine.
49-45-1. Grain buyer’s license–Penalty–Civil fine. Before transacting the business of a grain buyer in this state, a person shall obtain a grain buyer license from the commission. A violation of this section is a Class 5 felony if the person holds himself or herself out to be a grain broker and a Class 1 misdemeanor […]
Section 49-45-1.1 – Definitions.
49-45-1.1. Definitions. Terms used in this chapter mean: (1)”Commission,” the Public Utilities Commission; (2)”Grain,” grain, grain sorghums, beans, pulse crops, and oil seeds. The term does not include grain that has been cleaned, processed, and specifically identified for an intended use of planting for reproduction, grain received for consignment that will be processed by the […]
Section 49-45-3 – Expiration, revocation, and suspension of license–Appeal.
49-45-3. Expiration, revocation, and suspension of license–Appeal. Each license issued pursuant to §49-45-1 expires on the next June thirtieth following the issuance of the license. The commission may at any time for cause shown revoke or suspend any grain buyer license. However, the grain buyer has the right of appeal from such decisions as provided […]
Section 49-45-6 – Supervision of grain buyers–Promulgation of rules.
49-45-6. Supervision of grain buyers–Promulgation of rules. The commission shall supervise the business of grain buyers in this state and administer the laws in relation thereto. The commission may promulgate rules, pursuant to chapter 1-26, concerning: (1)The form of a grain buyer’s bond and application and the information required to be included for licensing; (2)Requirements […]
Section 49-43-51 – Falsely weighing agricultural product as misdemeanor.
49-43-51. Falsely weighing agricultural product as misdemeanor. It is a Class 1 misdemeanor for any person to falsely weigh any grain or any other agricultural product. Source: SL 2008, ch 249, §39.
Section 49-43-52 – Grain and warehouse fund established.
49-43-52. Grain and warehouse fund established. Any money collected by the commission pursuant to chapters 49-43 and 49-45 shall be paid into the state treasury and credited to the grain and warehouse fund which is hereby established in the state treasury. Any money credited in the fund and any interest earned on the fund are […]
Section 49-43-54 – Contract with independent provider to maintain electronic warehouse receipts.
49-43-54. Contract with independent provider to maintain electronic warehouse receipts. A warehouse operator may contract with an independent provider to maintain electronic warehouse receipts for grain. A warehouse operator shall issue electronic warehouse receipts through only one independent provider. Prior to engaging in the issuance of electronic warehouse receipts, a warehouse operator shall enter into […]