824 Ind. Admin. Code 2-7-1

Current through September 4, 2024

Section 824 IAC 2-7-1 - Operational records to be maintained

Authority: IC 26-3-7-3

Affected: IC 26-3-7-3; IC 26-3-7-28

Sec. 1.

(a) Licensees shall maintain current and complete records with respect to all agricultural commodities delivered to, withdrawn from, and received, stored, or processed by the licensee. Each contract, instrument, document, or record which is to be prenumbered shall be sequentially prenumbered and shall be used in numerical order.

(b) Every licensee shall use and maintain the following:

(1) A perpetual inventory record or daily position report that is updated daily and shows the following:

(A) The total quantity of each kind and grade of grain received.

(B) The total quantity of each kind and grade of grain loaded out.

(C) The quantity of each kind and grade of grain remaining by:

(i) the amount and kind of grain in storage but owned by producers; and

(ii) the amount and kind of grain owned by the licensee.

(2) A rail and or truck ledger.

(3) Prenumbered warehouse receipts.

(4) Prenumbered scale tickets.

(5) Prenumbered contracts pertaining to purchase, sale, or storage of grain.

(6) A current copy of the periodic insurance report submitted to the insurer.

(7) If none of the issued warehouse receipts and scale tickets recite the name and complete address of the owner or owners of delivered grain, then a grain list of the names and addresses of the owner or owners shall be maintained by licensees.

(8) Prenumbered checks.

(9) Prenumbered settlement sheets.

(c) Records shall be kept current as of the close of each business day, provided that if no transaction takes place during a business day a record showing the actual status as to quantity and storage obligations as of the close of the next preceding business day which recordable transactions occurred.

824 IAC 2-7-1

Indiana Grain Buyers and Warehouse Licensing Agency; 824 IAC 2-7-1; filed Jan 19, 2001, 3:04 p.m.: 24 IR 1659; 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