1.Grain buyers that purchase, solicit, merchandise, or take possession of grain in this
state shall obtain an annual license from the commissioner. Except as provided in this
section, each license expires on July thirty-first of each year. If a licensee's initial
license is issued effective after May thirty-first, that license expires on July thirty-first of
the following year. The annual license fee for a grain buyer is:
a.Four hundred dollars for a grain buyer that purchased up to one million dollars
worth of grain during the previous licensing period, or intends to purchase up to
one million dollars worth of grain during the first year of operation;
b.Eight hundred dollars for a grain buyer that purchased more than one million
dollars worth of grain but not more than ten million dol
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1. Grain buyers that purchase, solicit, merchandise, or take possession of grain in this
state shall obtain an annual license from the commissioner. Except as provided in this
section, each license expires on July thirty-first of each year. If a licensee's initial
license is issued effective after May thirty-first, that license expires on July thirty-first of
the following year. The annual license fee for a grain buyer is:
a. Four hundred dollars for a grain buyer that purchased up to one million dollars
worth of grain during the previous licensing period, or intends to purchase up to
one million dollars worth of grain during the first year of operation;
b. Eight hundred dollars for a grain buyer that purchased more than one million
dollars worth of grain but not more than ten million dollars worth of grain during
the previous licensing period, or intends to purchase more than one million
dollars worth of grain but not more than ten million dollars worth of grain during
the first year of operation; and
c. One thousand two hundred dollars for a grain buyer that purchased more than
ten million dollars worth of grain during the previous licensing period, or intends to
purchase more than ten million dollars worth of grain during the first year of
operation.
2. A license renewal application received after July fifteenth must be assessed an
additional one hundred dollar fee per receiving location.
3. A license issued under this section is not transferable.
4. The commissioner may refuse to issue or renew or may revoke a license:
a. If the licensee or applicant has been convicted of a criminal offense;
b. If the licensee or applicant has failed to comply with the requirements of this
section;
c. If the commissioner has evidence the licensee negotiated in bad faith; or
d. For any other reason as determined by the commissioner.
5. A licensed grain buyer shall submit a monthly report to the commissioner by the
tenth day of each month. The report must include the total value of each commodity
brokered in the preceding month.
6. A licensed grain buyer shall notify each potential commodity seller of the identity of the
potential commodity buyer before the final confirmation of the transaction.
7. Before a license is effective for a grain buyer, the licensee or applicant shall file a bond
with the commissioner for not less than one hundred thousand dollars.
8. A grain buyer must have the buyer's license in possession at all times.
9. A grain buyer that transacts business without first procuring a license and giving a
bond is guilty of a class B misdemeanor.