Section 69-07-02-02.1 - Grain buyer - BondsA licensee's required minimum bond is determined by the volume of grain the licensee purchases annually in the state.
1. As used in subsection b "grain purchase volume" means:a. A three year rolling average of total annual grain purchase volume for a licensee licensed more than three years.b. An actual three year average of total annual grain purchase volume for a licensee licensed three years.c. An actual two year average of total annual grain purchase volume for a licensee licensed two years.d. Total annual grain purchase volume for a licensee licensed one year.e. The licensee's projected annual grain purchase volume for a new licensee.2. The required minimum bond for a facility-based grain buyer is:a. Fifty cents per bushel if a licensee's total annual grain purchase volume is one hundred thousand bushels or less, with a minimum of fifty thousand dollars.b. If a licensee's total annual grain purchase volume is more than one hundred thousand bushels up to and including one million bushels, the required minimum bond is the amount in subdivision 1 plus twenty cents per bushel for each bushel by which the licensee's total annual grain purchase volume exceeds one hundred thousand bushels up to and including one million bushels.c. If a licensee's total annual grain purchase volume is more than one million bushels, the required minimum bond is the amount in subdivisions 1 and 2 plus five cents per bushel for each bushel by which the licensee's total annual grain purchase volume exceeds one million bushels.3. The required minimum bond for a roving grain buyer is:a. Fifty cents per bushel if the licensee's total projected annual grain purchase volume is five hundred thousand bushels or less, with a required minimum bond of fifty thousand dollars.b. If a licensee's total projected annual grain purchase volume is more than five hundred thousand bushels, the required minimum bond is the amount in subdivision 1 plus twenty cents per bushel for each bushel by which the licensee's total projected annual grain purchase volume exceeds five hundred thousand bushels.4. Except as provided in subsection e, the bond of a grain buyer may not exceed two million dollars.5. The commission may require an increase in the amount of any bond when necessary to accomplish the purposes of North Dakota Century Code chapter 60-02.1.N.D. Admin Code 69-07-02-02.1
Effective August 1, 1999; amended effective August 1, 2000.Amended by Administrative Rules Supplement 2015-356, April 2015, effective 4/1/2015.General Authority: NDCC 60-02.1-03
Law Implemented: NDCC 60-02.1-03, 60-02.1-08