824 Ind. Admin. Code 2-4-12

Current through October 31, 2024

Section 824 IAC 2-4-12 - Grain buyer licensees with United States Warehouse Act license

Authority: IC 26-3-7-3

Affected: IC 26-3-7-6; IC 26-3-7-10

Sec. 12.

(a) Persons storing grain and issuing warehouse receipts under the United States Warehouse Act shall be required to obtain an Indiana grain buyer license if they are purchasing grain from producers.

(b) The bond submitted for the federal warehouse license shall suffice for the bonding requirement under the Act if all the following has occurred:

(1) The agency's name is added as beneficiary after United States Department of Agriculture.

(2) The amount of the bond meets the bonding requirements of the agency.

(c) If the federal bond amount is inadequate, a bond rider running to the director only shall be submitted to the agency.

824 IAC 2-4-12

Indiana Grain Buyers and Warehouse Licensing Agency; 824 IAC 2-4-12; filed Jan 19, 2001, 3:04 p.m.: 24 IR 1657; readopted filed Nov 16, 2007, 2:00 p.m.: 20071212-IR-824070667RFA; readopted filed November 27, 2013, 1:30 p.m.: 20131225-IR-824130492RFA

Readopted filed 11/1/2019, 10:20 a.m.: 20191127-IR-824190178RFA