§ 3:3408 — Contents of application for and renewal of warehouse license, cotton merchant license, and grain dealer license

A. The application for licensure as a warehouse, cotton merchant, or grain dealer shall contain:
(1) The name and business address of the applicant.
(2) If the applicant is a corporation or other business entity, the names and addresses of the principal officers of the corporation or other business entity.
(3) If the applicant is a trade, cooperative, or other type of association, the names and addresses of the board of directors of such association.
(4) The kinds of agricultural commodities which the applicant proposes to store or trade.
(5) The address and the capacity of the principal place of business of the applicant.
(6) The address and the capacity of any other locations within the state where the applicant will engage in the business of storing agricultural commodities or buying and selling agricultural commodities on a regular basis.
(7) A current financial statement which shall include, but not be limited to, the following:
(a) A balance sheet.
(b) A statement of income (profit and loss).
(c) A statement of retained earnings.
(d) A statement of cash flows.
(8) The financial statement shall be one of the following types of statements:
(a) A compilation, or compiled statement.
(b) A review, or reviewed statement.
(c) An audit, or audited statement.
(9) Except as otherwise provided in Chapter 2 of Title 37 of the Louisiana Revised Statutes of 1950, 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 requirements:
(a) Is a certified public accountant.
(b) Is a graduate of an accredited four-year college or university with a degree in accounting.
(c) Has passed the examination administered by the National Society of Accountants.
(10) All financial statements shall be accompanied by a certification by the applicant or the chief executive officer of the applicant, under penalty of perjury as provided in R.S. 14:123, that the financial statement accurately reflects the financial condition of the applicant for the period covered in the statement. Only one financial statement shall be required for a chain of warehouses covered by a single warehouse license. The initial application for a license shall be accompanied by the warehouse's, cotton merchant's, or grain dealer's most recent financial statement. Thereafter, all financial statements shall be filed within ninety days after the close of the grain dealer's, cotton merchant's, or warehouse's fiscal year.
(11) Any additional information which the commission may require.
B. The application for annual renewal of the said licenses shall contain the same information as required under Subsection A of this Section.

Legislative History

Added by Acts 1982, No. 563, §1, eff. Jan. 1, 1983. Acts 1983, No. 11, §1; Acts 1984, No. 951, §1; Acts 1990, No. 121, §1; Acts 1997, No. 1034, §1; Acts 2009, No. 24, §1, eff. June 12, 2009; Acts 2012, No. 145, §1, eff. May 14, 2012.