Surety bond — Dealers and brokers generally

(a) No dealer or broker shall purchase livestock at any sales establishment or directly from producers unless he has then in force a bond in an amount calculated as follows: (1) Determine a number which is the number of days during the preceding year on which the dealer or broker did business; (2) Divide the total dollar value of livestock purchased by the dealer or broker during the preceding year by the lesser of: (A) One-half of the number determined under paragraph (1) of this subsection; or (B) One hundred thirty; and (3) Adjust the amount obtained under paragraph (2) of this subsection as follows: 85 Page: 86 Job Path: @psc3912/cville_data1/stcodes/ga/lexis/ep_rv_04_txt 0000 41826-12 4-6-43 Date: 06/14/13 Time: 10:58:23 GA RV 13 RV 4(T4-6) - EP ANIMALS 4-6-43 (A) If the amount obtained under paragraph (2) of this subsection is $10,000.00 or less then the amount of the bond shall be $10,000.00; (B) If the amount obtained under paragraph (2) of this subsection is more than $10,000.00 but not more than $75,000.00 then that amount shall be the amount of the bond; or (C) If the amount obtained under paragraph (2) of this subsection is more than $75,000.00 then the amount of the bond shall be the sum of $75,000.00 plus 10 percent of the amount by which the amount obtained under paragraph (2) of this subsection exceeds $75,000.00. (b) An amount calculated under subsection (a) of this Code section, if not a multiple of $5,000.00, shall be rounded up to the nearest multiple of $5,000.00. (c) This Code section shall not be applicable to nor shall a bond be required of a dealer who purchases livestock at sales establishments for cash only. No livestock market operator shall permit a dealer or broker who is not properly licensed and bonded to purchase livestock other than for cash. (Ga. L. 1956, p. 501, § 3; Ga. L. 1958, p. 309, § 2; Ga. L. 1959, p. 296, § 2; Ga. L. 1970, p. 530, § 1; Ga. L. 1982, p. 1804, § 3; Ga. L. 1983, p. 1161, § 1; Ga. L. 1984, p. 22, § 4.) Editor’s notes. — The 1984 amendment, effective February 3, 1984, directed that ‘‘One hundred thirty’’ be substituted for ‘‘130’’ in subparagraph (a)(1)(B). The Act should have directed that the change be made in subparagraph (a)(2)(B) instead, and this Code section has been edited accordingly.