Idaho Administrative Code
Title IDAPA 02 - Agriculture, Department of
Rule 02.02.13 - COMMODITY DEALERS' RULES
Section 02.02.13.451 - AMOUNT OF BOND, IRREVOCABLE LETTER OF CREDIT, CERTIFICATE OF DEPOSIT, OR SINGLE BOND
Current through August 31, 2023
01. Bonding Requirement. The amount of bond to be furnished for each class 1 dealer and each class 2 dealer is fixed at a rate pursuant to Section 69-506, Idaho Code. (3-15-22)
02. Single Bond, Irrevocable Letter of Credit or Certificate of Deposit. For the purposes of licensing as a commodity dealer pursuant to Title 69, Chapter 5, Idaho Code, and a seed buyer pursuant to Title 22, Chapter 51, Idaho Code, a single bond, irrevocable letter of credit or certificate of deposit shall be fixed at whichever of the following amounts is greater: (3-15-22)
03. Additional Bonding Requirements. If it appears the licensee does not have the ability to pay producers for commodities purchased, or when it appears the licensee does not have a sufficient net worth to outstanding financial obligations ratio, the licensee may be required to post a bond or other additional acceptable security in the amount of two thousand dollars ($2,000) for each one thousand dollars ($1,000) or fraction thereof of deficiency. (3-15-22)