§ 26-3-7-14 — Fines; revocation of license

Indiana § 26-3-7-14

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 3: WAREHOUSES
• Ch. 7: Indiana Grain Buyers and Warehouse Licensing and

Text

(a) A licensee may not cancel an approved
bond or approved insurance unless the director has given prior written
approval for the cancellation and has received a substitute cash deposit
or has approved a substitute bond or insurance. The surety on a bond
may cancel a bond required by this chapter only after the expiration of
ninety (90) days from the date the surety mailed a notice of intent to
cancel, by registered or certified mail, to the director. An insurance
company may cancel insurance required by this chapter only after the
expiration of a thirty (30) day period from the mailing, by certified
mail, of notice of intent to cancel, to the director. The surety and the
insurance company shall, at the time of giving notice to the director,
send a copy of the notice to the licensee.
(b) Notwithstanding any other provision of this chapter, a licensee
shall automatically be fined one thousand dollars ($1,000) for failure
to:
(1) file a new bond, letter of credit, or cash deposit within the
ninety (90) day period as provided in this section;
(2) file new evidence of insurance within the thirty (30) day
period as provided in this section; or
(3) maintain at all times a bond or cash deposit and insurance as
provided in this chapter.
If a licensee fails to pay the fine and meet the requirements set forth in
this subsection within ninety (90) days, the agency shall revoke the
license of the licensee.
Formerly: Acts 1973, P.L.268, SEC.1. As amended by Acts
1979, P.L.249, SEC.8; P.L.125-1997, SEC.32; P.L.114-2025,
SEC.20.