80-4-603. License issuance -- renewal -- expiration.
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80-4-603 . License issuance -- renewal -- expiration.
(1)The department shall issue a license when the applicant has filed the application and complied with the terms and conditions of this part and the rules of the department.
(2)A commodity dealer's license may be renewed annually by submitting all required licensing documents.
(3)A commodity dealer's license that has expired may be reinstated by the department upon receipt of all licensing documents required and a penalty fee in the amount of $50 if the document is filed within 30 days from the date of expiration of the commodity dealer's license. At no time during the 30-day period or thereafter may the person act as a commodity dealer. All license applications received after the 30-day penalty period must be considered original applications.
(4)A commodity dealer's license is not transferable.
(5)Any partnership with a partner or any corporation that has an officer, director, or majority stockholder owning at least 10% of issued stock who has had a license revoked under this part or the United States Warehouse Act is subject to the provisions of 80-4-421 .