§ 4.1-58-07 — Public warehouse license - Financial criteria to be met

1. To be eligible to receive an annual public warehouse license, an applicant shall submit
financial documentation to the commissioner verifying the applicant has satisfactory
net worth and working capital, as determined by the commissioner.
2. A licensed public warehouseman or an applicant for initial licensure shall report
balance sheets and income statements to the commissioner annually on written
application for initial licensure or license renewal if the applicant purchased up to
ten million dollars worth of grain during the previous licensing period, or intends to
purchase up to ten million dollars worth of grain during the first year of operation.
3. As a condition of licensure, an applicant shall provide the commissioner, upon request,
any financial record or bank verification release the commissioner deems relevant for
the purpose of verifying the financial information of an applicant pursuant to the
requirements of this section.
4. As a condition of licensure, a new applicant must:
a. Pass a background check;
b. Have a satisfactory credit score, as determined by the commissioner; and
c. Be a responsible person with a good business reputation, as determined by the
commissioner, that:
(1) Is in the public warehouse business;
(2) Has knowledge of, and experience with, generally accepted grain
warehousing and handling practices;
(3) Is competent and willing to operate a public warehouse in accordance with
state and federal regulations; and
(4) Has not committed fraud or a criminal offense indicating a lack of business
integrity or honesty that undermines the person's responsibility as a
warehouse operator.