49-45-22. Class A license requirements--Violation as misdemeanor.
107 words·~1 min read·
/sd/title-49/chapter-49-45/49-45-22A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 when the grain buyer applies for a license. A grain buyer with a Class A license shall submit a quarter-ending balance sheet to the commission for inspection within thirty days of the end of each quarter. The balance sheet reports shall be based on each grain buyer's fiscal year. A violation of this section is a Class 1 misdemeanor.