Idaho Administrative Code
Title IDAPA 02 - Agriculture, Department of
Rule 02.02.15 - RULES GOVERNING THE SEED INDEMNITY FUND
Section 02.02.15.060 - NONCOMPLIANCE - REQUIREMENTS
Current through September 2, 2024
If a seed buyer is not meeting its obligations to producers, does not have the ability to pay producers, or refuses to submit records and papers for lawful inspection, the ISDA will give written notice to the seed buyer and direct the seed buyer to comply with all of the following requirements within ten (10) working days or as agreed to by the ISDA.
01. Additional Security Requirements. If it appears the licensee does not have the ability to pay producers for seed crops transferred, or when it appears the licensee does not have a sufficient net worth to outstanding financial obligations ratio, the ISDA may require the licensee 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.
02. Audited or Reviewed Financial Statement. In addition to Section 22-5113, Idaho Code, the ISDA may require the licensee to submit an audited or reviewed financial statement prepared for the current financial accounting year by an independent certified public accountant or licensed public accountant. The audited or reviewed financial statement is to be prepared in accordance with GAAP. The ISDA may request a follow-up review of the submitted financial statement.
Effective July 1, 2024
