North Dakota Administrative Code
Title 69 - Public Service Commission
Article 69-07 - Public Warehousing and Roving Grain and Hay Buyers Division
Chapter 69-07-03 - Records and Receipts
Section 69-07-03-06 - Credit-sale contracts

Universal Citation: ND Admin Code ยง 69-07-03-06
Current through Supplement No. 394, October, 2024

Unless the licensee has secured independent bond coverage for credit-sale contracts, the following statement or a similar statement approved by the commission must be printed on the contract in a clear and prominent manner directly above the place for the seller to sign:

THIS CONTRACT IS NOT PROTECTED BY BOND COVERAGE IN THE EVENT OF THE BUYER'S INSOLVENCY.

If the licensee has obtained bond coverage in addition to that required by state law and rule and such coverage extends to the benefit of credit-sale contracts, the following statement or a similar statement approved by the commission must be printed on the contract in a clear and prominent manner directly above the place for the seller to sign:

THIS CONTRACT IS NOT PROTECTED BY NORTH DAKOTA STATUTORY BOND COVERAGE IN THE EVENT OF THE BUYER'S INSOLVENCY. HOWEVER, THE BUYER HAS SECURED INDEPENDENT BOND COVERAGE IN THE AMOUNT OF (state amount) FOR THE PROTECTION OF SELLERS UNDER CREDIT-SALE CONTRACTS IN THE EVENT OF THE BUYER'S INSOLVENCY.

A licensee securing independent bond coverage for the protection of sellers under credit-sale contract shall file a copy of such bond with the commission.

General Authority: NDCC 60-02-03, 60-02.1-03, 60-03-01.1

Law Implemented: NDCC 60-02, 60-02-19.1, 60-02.1-14, 60-03-04.1

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