Section 4.1-28-03 - Application for license - Contents1. Before entering business with a video livestock auction market or internet livestock auction market, each representative must obtain a license to transact business with a video livestock auction market or internet livestock auction market by filing an application with the commissioner on a form prescribed by the commissioner. A license issued under this section expires June thirtieth after issuance and must be renewed by filing of a renewal application at the time and on a form prescribed by the commissioner. The application must show: a. The nature of the business applying for a license;b. The name of the representative applying for the license on behalf of the business;c. The name and address of the video livestock auction market or internet livestock auction market through which the applicant proposes to transact business; andd. Any other information the commissioner may require.2. The application for a license or for a renewal of a license must include: a. A license fee of one hundred dollars;b. Evidence the commissioner may require showing the video livestock auction market or internet livestock auction market the representative proposes to do business through is financially responsible and bonded to transact such business;c. A schedule of the fees and commissions that will be charged to owners, sellers, or their agents; andd. A copy of the contract between the representative and the video livestock auction market or internet livestock auction market through which the representative proposes to transact business. The contract must:(1) Contain a provision authorizing the commissioner to have access to the books; papers; accounts; financial records held by financial institutions, accountants, or other sources;(2) Contain other documents, as determined by the commissioner, relating to the activities of the video livestock auction market or internet livestock auction market; and(3) Provide that the video livestock auction market or internet livestock auction market and its representative are jointly and severally liable, with the right of contribution, for all business transacted within this state by the representative on behalf of the video livestock auction market or internet livestock auction market.3. If the contract between the representative and the video livestock auction market or internet livestock auction market is terminated, rescinded, breached, or otherwise materially altered, the representative and the video livestock auction market or internet livestock auction market shall immediately notify the commissioner. Failure to notify the commissioner of termination, rescission, breach, or material alteration of the contract between the representative and the video livestock auction market or internet livestock auction market is deemed to be a failure to keep and maintain suitable records with the department and is deemed to be a false entry or statement of fact in an application filed with the department.Added by S.L. 2017, ch. 68 (SB 2028),§ 3, eff. 7/1/2017.