§ 35-36-204 — Licenses - requirements - rules

(1) To receive or maintain a
license, each applicant or licensee for an initial or renewal license must satisfy the
following requirements:

(a) (I) Except as provided in subsection (1)(a)(II) of this section, the applicant
or licensee shall furnish the commissioner with evidence of minimum provisional
insurance coverage in an amount sufficient to protect the applicant's storage
obligations. If, at any time, the commissioner evaluates an applicant's provisional
insurance coverage to be insufficient, the commissioner may require such
additional insurance as the commissioner considers sufficient. Failure to provide
evidence of the additional insurance within thirty days after written notice from the
commissioner constitutes grounds for the suspension or revocation of the license.

(II) A small-volume commodity handler need not comply with subsection
(1)(a)(I) of this section.

(b) (I) Except as provided in subsection (1)(b)(III) of this section, the applicant
must furnish the commissioner with a financial statement that presents accurately
the applicant's or licensee's financial condition. The commissioner may promulgate
rules that clearly state the information required from each applicant or licensee
under this section. Any financial statement submitted to the commissioner in
support of a license application made pursuant to this part 2 is confidential.

(II) Whenever the commissioner deems it appropriate, the commissioner may
require an applicant for an initial license, an applicant for a renewal of a license, or
a licensee to submit a financial statement or an audit prepared by a certified public
accountant or any other information the commissioner deems necessary to
determine whether the person is in an adequate financial position to carry out the
person's duties as a licensee.

(III) A small-volume commodity handler need not comply with the financial
statement submission requirement set forth in subsection (1)(b)(I) of this section.

(2) If a licensee fails to apply for license renewal before an annual date
specified by the commissioner by rule, the licensee shall, upon application for a
renewal license and before the license is issued, pay a penalty as established by the
commission. The penalty is in addition to the license fee.

Legislative History

Source: L. 2020: Entire article amended with relocations, (HB 20-1213), ch. 160, p. 726, � 2, effective June 29.