Current through Supplement No. 394, October, 2024
A licensee's required minimum bond is determined by the
volume of grain the licensee purchases annually in the state.
1. As used in subsection b "grain purchase
volume" means:
a. A three year rolling average
of total annual grain purchase volume for a licensee licensed more than three
years.
b. An actual three year
average of total annual grain purchase volume for a licensee licensed three
years.
c. An actual two year
average of total annual grain purchase volume for a licensee licensed two
years.
d. Total annual grain
purchase volume for a licensee licensed one year.
e. The licensee's projected annual grain
purchase volume for a new licensee.
2. The required minimum bond for a
facility-based grain buyer is:
a. Fifty cents
per bushel if a licensee's total annual grain purchase volume is one hundred
thousand bushels or less, with a minimum of fifty thousand dollars.
b. If a licensee's total annual grain
purchase volume is more than one hundred thousand bushels up to and including
one million bushels, the required minimum bond is the amount in subdivision 1
plus twenty cents per bushel for each bushel by which the licensee's total
annual grain purchase volume exceeds one hundred thousand bushels up to and
including one million bushels.
c.
If a licensee's total annual grain purchase volume is more than one million
bushels, the required minimum bond is the amount in subdivisions 1 and 2 plus
five cents per bushel for each bushel by which the licensee's total annual
grain purchase volume exceeds one million bushels.
3. The required minimum bond for a roving
grain buyer is:
a. Fifty cents per bushel if
the licensee's total projected annual grain purchase volume is five hundred
thousand bushels or less, with a required minimum bond of fifty thousand
dollars.
b. If a licensee's total
projected annual grain purchase volume is more than five hundred thousand
bushels, the required minimum bond is the amount in subdivision 1 plus twenty
cents per bushel for each bushel by which the licensee's total projected annual
grain purchase volume exceeds five hundred thousand bushels.
4. Except as provided in
subsection e, the bond of a grain buyer may not exceed two million
dollars.
5. The commission may
require an increase in the amount of any bond when necessary to accomplish the
purposes of North Dakota Century Code chapter 60-02.1.
General Authority: NDCC
60-02.1-03
Law Implemented: NDCC
60-02.1-03,
60-02.1-08
