N.D. Admin. Code 7-18-03-02

Current through Supplement No. 394, October, 2024

Section 7-18-03-02 - Processor bonds

A licensee's minimum bond is five percent of the licensee's total grain purchases in the state, based on a three-year rolling average during which the license has been active. A licensee shall report the value of purchases at renewal. A licensee's required minimum bond may not be less than one hundred thousand dollars.

1. A processor bond may not exceed two million five hundred thousand dollars.

2. For new applicants, the bond will be set based on projected purchases for the current license year.

3. The bond will continue to be based on total annual purchases until a three-year average is reached.

N.D. Admin Code 7-18-03-02

Adopted by Administrative Rules Supplement 2021-383, January 2022, effective 1/1/2022.

General Authority: NDCC 60-02.1-03

Law Implemented: NDCC 60-02.1-03, 60-02.1-08