Supervision of grain buyers--Promulgation of rules

The commission shall supervise the business of grain buyers in this state and administer the laws in relation thereto. The commission may promulgate rules, pursuant to chapter 1-26 , concerning: (1) The form of a grain buyer's bond and application and the information required to be included for licensing; (2) Requirements for posting grain buyer's licenses; (3) Notice requirements to sellers who enter into voluntary credit sale agreements; (4) Requirements for filing financial statements with the commission and the financial standards by which the statements are approved when considering whether to license a grain buyer; (5) Requirements for grain buyers to provide information to sellers regarding the statutes and rules relating to grain buyers; (6) Requirements and procedures for releasing bonds; and (7) Procedures and requirements for license suspension, revocation, transfer of ownership, or insolvency by a grain buyer. Source: SL 1985, ch 376 , § 70; SL 1986, ch 22 , § 26; SL 1990, ch 371 , § 7; SL 1992, ch 332 , § 6; SL 2008, ch 251 , § 4; SL 2011, ch 211 , § 6; SL 2020, ch 202 , § 1.