Louisiana Administrative Code
Title 7 - AGRICULTURE AND ANIMALS
Part XXVII - Agricultural Commodity Dealer and Warehouse Law
Chapter 1 - Agricultural Commodities Commission
Subchapter B - Application for Warehouse, Grain Dealer and Cotton Merchant Licenses
Section XXVII-107 - Application for License (Initial and Renewal); Time for Filing; Contents; Fees; Style of Document
Universal Citation: LA Admin Code XXVII-107
Current through Register Vol. 50, No. 9, September 20, 2024
A. Applications for renewal of warehouse, cotton merchant and grain dealer licenses shall be received no later than April 30 of each year. Applications for initial license may be filed at any time during the year. For both initial and renewal licenses, the following information shall be furnished on the application form provided by the commission:
1. type of
application:
a. warehouse;
b. grain dealer;
c. cotton merchant;
2. date of submission;
3. nature of application:
a. initial application;
b. renewal application;
4. nature of applicant's business:
a. sole proprietorship;
b. partnership;
c. corporation;
d. association;
e. agricultural cooperative;
f. other;
5. name under which the business will
operate;
6. address of the
principal office of the business, either in-state or out-of-state, including
mailing address, physical location, and telephone number;
7. name of the person in charge (e.g.,
manager, warehouse operator, principal dealer, etc.) and his residence address
and telephone number;
8. if a
partnership, the names, addresses, and interests of all partners;
9. if a corporation, the names and addresses
of all officers;
10. if an
association, including an agricultural cooperative, the names and addresses of
all members of the board of directors;
11. name and address of the owner of the
business, if not shown under
§107. A 7, 8, and 9 of
this Part;
12. status of the
facility in which the business will be operated:
a. owned by applicant;
b. leased by applicant (short term or long
term);
c. rented by applicant and
name and address of owner;
d.
other;
13. type of
agricultural commodities that the applicant will store or trade;
14. for all business locations to be operated
under one license:
a. number of
locations;
b. address of each
location;
c. total
capacity;
d. capacity of each
location to be licensed, if different from total capacity;
e. name of person in charge of each
facility;
15. security
status of the applicant:
a. amount of security
posted;
b. name and address of
issuing company providing the security;
c. period for which the security is written;
16. insurance of
applicant:
a. amount of provisional stock
insurance carried;
b. name and
address of carrier;
c. term of
policy;
d. physical address of each
location covered by stock insurance;
17. names of all authorized agents;
18. a statement that the applicant will abide
by the requirements of
R.S.
3:3401-3425 and the regulations contained in
this Part;
19. a certified
statement that all representations contained in the application and in all
required attachments are true and correct;
20. grain dealer applicants only:
a. name of person(s) on grain dealer's staff
who is certified as a grain sampler and/or grader;
21. warehouse applicant only:
a. if utilizing paper warehouse receipts,
three signature cards, on card forms provided by the commission, completed by
each person listed as an authorized agent of the applicant, together with a
resolution from the board of directors naming each person, other than the owner
or president, whose name is listed as an authorized agent;
b. a copy of the warehouse's current schedule
of tariffs or charges;
22. cotton merchant applicants only:
a. name and written notarized agency
agreements of cotton agents buying cotton in the state;
23. grain dealers and cotton merchant
applicants only:
a. aggregate amount paid to
producers during applicant's most recent fiscal year;
24. application for acceptance into the
self-insurance fund, if applicable.
B. For initial licensure under R.S. 3:3401-3425, each applicant shall provide a financial statement as of the close of the applicant's most recent fiscal year.
1. The financial statement shall be prepared
by an accountant who is not a full-time employee of the applicant and who meets
at least one of the following:
a. a certified
public accountant;
b. a graduate of
an accredited four-year college or university with a degree in accounting;
or
c. has passed the examination
administered by the National Society of Accountants.
2. The financial statement presented for
initial licensure under
R.S.
3:3401-3425 may be any of the following:
a. compilation;
b. review;
c. audited.
3. The financial statement shall contain:
a. a balance sheet;
b. a statement of income (profit and
loss);
c. a statement of retained
earnings;
d. a statement of changes
in financial position;
e. a
certificate by the applicant or the chief executive officer of the applicant,
in the form of an authentic act, that the financial statement accurately
reflects the financial condition of the applicant for the period covered in the
financial statement;
f. whenever
the certificate required under
§107. B.3.e of this
Part is executed by a representative of the applicant other than the owner or
president, a resolution of the board of directors authorizing such
representative to execute the certificate is required.
4. Multi-state and/or multi-national
corporations with subsidiary divisions located in Louisiana shall either:
a. submit a fully audited financial statement
showing the position of the parent company, together with sufficient financial
information pertaining to the Louisiana subsidiary to reasonably reflect the
corporation's ability to satisfy all obligations to Louisiana producers;
or
b. pay all expenses necessary
for performance of a full audit, at one or more locations where pertinent
corporation records are maintained, by the department's Central Audit
Committee.
5. The
financial statement shall be prepared and signed by an accountant, as defined
in §107.
B of this Part, and shall be presented in
accordance with generally accepted accounting principles.
a. Financial statements shall include
contracts covering commodities which have not been delivered. Contracts
covering commodities which have not been delivered to the licensee or applicant
shall be brought to market in the financial statement. Contracts on commodities
which have not been delivered to the licensee or applicant may be made a part
of the financial statement by means of a footnote to the statement.
b. Fixed assets shall be presented at cost on
financial statements.
6.
Only one financial statement shall be required for a chain of warehouses
covered by a single warehouse license.
C. Each licensee shall file a financial statement conforming to the requirements of §107. B of this Part within 90 days after the close of the licensee's fiscal year.
D. Each applicant shall also provide the following information, in addition to completing the required application form and providing a financial statement:
1.
evidence of security which meets the requirements set forth in
§115 of this Part (warehouse license
applicants),
§123. G of this Part
(grain dealer license applicants) or
R.S.
3:3411.1 (cotton merchant license
applicants);
2. evidence of
provisional stock insurance which meets the requirements set forth in
§117 of this Part (warehouses) or
§123 of this Part (grain
dealers);
3. copy of scale ticket.
Applicants who do not use scale tickets in their business operations shall
certify to that effect in lieu of filing a scale ticket;
4. applicants who apply under corporate
status shall provide evidence of compliance with Louisianas corporation
laws.
E. A fee of $200, as required by R.S. 3:3401-3425, shall accompany each application at the time of filing. This fee is non-refundable, whether or not the license is granted.
F. All licenses shall signify on the face the following information:
1. name and address of licensee;
2. if a cotton merchant or grain dealer, the
location of the principal place of business;
3. if a warehouse, the licensed capacity of
the location covered by the license;
4. amount of security;
5. term of license.
G. Approved licenses shall be issued in the name of the commission and signed by the commissioner.
H. A late fee of $50 may be assessed per application per business day when the application is received after April 30.
AUTHORITY NOTE: Promulgated in accordance with R.S. 3:3405, R.S. 3:3408, R.S. 3:3409, R.S. 3:3410, R.S. 3:3411 and R.S. 3:3411.1.
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