North Dakota § 4.1-59-10 Bond discount

North Dakota Statutes

§ 4.1-59-10 — Bond discount

North Dakota·Title 4.1 Agriculture·Ch. 4.1-59 Grain Buyers

1.The licensee may request a bond reduction based upon the licensee's payment policy.

a.The required bond is reduced by thirty percent for a licensee that establishes and follows a payment policy approved by the commissioner of ten days or fewer.

b.The required bond is reduced by fifteen percent for a licensee that establishes and follows a payment policy approved by the commissioner of eleven to twenty-one days.

2.A reduction under this section may not be used to reduce required bond below the minimum bond set by law.

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1. The licensee may request a bond reduction based upon the licensee's payment policy.
a. The required bond is reduced by thirty percent for a licensee that establishes and
follows a payment policy approved by the commissioner of ten days or fewer.
b. The required bond is reduced by fifteen percent for a licensee that establishes
and follows a payment policy approved by the commissioner of eleven to
twenty-one days.
2. A reduction under this section may not be used to reduce required bond below the
minimum bond set by law.

North Dakota § 4.1-59-10 (Bond discount) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.