Application for license - Posting of bond

1. As a condition of licensure, the applicant shall post a bond with the agriculture commissioner. The bond must be: a. A surety bond; b. A cash bond; or c. An irrevocable letter of credit. 2. The agriculture commissioner must be named as the obligee. 3. The bond required by this section must be: a. In an amount and form required by this chapter; b. Applicable to the period during which the livestock dealer's license is in effect; c. For the benefit of any person selling livestock to the livestock dealer or the dealer's agent; and d. Conditioned for the payment of any financial obligation owed by a livestock dealer to another person in conjunction with the sale of livestock.