Section 4.1-58-07 - Public warehouse license - Financial criteria to be met1. To be eligible to receive an annual public warehouse license, an applicant shall submit financial documentation to the commissioner verifying the applicant has satisfactory net worth and working capital, as determined by the commissioner.2. A licensed public warehouseman or an applicant for initial licensure shall report balance sheets and income statements to the commissioner annually on written application for initial licensure or license renewal if the applicant purchased up to ten million dollars worth of grain during the previous licensing period, or intends to purchase up to ten million dollars worth of grain during the first year of operation.3. As a condition of licensure, an applicant shall provide the commissioner, upon request, any financial record or bank verification release the commissioner deems relevant for the purpose of verifying the financial information of an applicant pursuant to the requirements of this section.4. As a condition of licensure, a new applicant must:a. Pass a background check;b. Have a satisfactory credit score, as determined by the commissioner; andc. Be a responsible person with a good business reputation, as determined by the commissioner, that: (1) Is in the public warehouse business;(2) Has knowledge of, and experience with, generally accepted grain warehousing and handling practices;(3) Is competent and willing to operate a public warehouse in accordance with state and federal regulations; and(4) Has not committed fraud or a criminal offense indicating a lack of business integrity or honesty that undermines the person's responsibility as a warehouse operator.Added by S.L. 2023 , ch. 89( HB 1393 ), § 1, eff. 7/1/2023.