§ 4.1-59-07 — Grain buyer license - Financial criteria to be met

North Dakota § 4.1-59-07

• Jurisdiction: North Dakota
• Title 4.1: Agriculture
• Ch. 4.1-59: Grain Buyers

Text

1. To be eligible to receive an annual 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 grain buyer 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 to 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 under 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 grain buying business;
(2) Has knowledge of, and experience with, generally accepted grain buying
and handling practices;
(3) Is competent and willing to operate as a grain buyer 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 grain
buyer.