Every person licensed as a grain dealer shall have filed with the department a surety bond for each separate location signed by the dealer as principal and by a responsible company authorized to execute surety bonds within the State of Alabama. Such bond shall be in the principal amount to the nearest $1,000.00 equal to ten percent of the aggregate dollar amount paid by the dealer to producers for grain purchased from them during the 12 month period ending no more than 30 days prior to the time the dealer files to be licensed under this article. Persons who have been in the business of a grain dealer for less than one year are required to only meet minimum bond requirements their first year. Provided, that in any case the amount of the bond shall not be less than $25,000.00 or more than $100,000.00 for each separate location. Provided further, these bond requirements will be waived upon proof to the commissioner that such person is licensed under the United States Department of Agriculture Warehouse Act.
Structure Code of Alabama
Section 2-31-2 - Applicability of This Article.
Section 2-31-3 - License Required; Renewal; Fees.
Section 2-31-4 - Surety Bond; Requirements; Waiver of Bond Requirements.
Section 2-31-7 - Suspension or Revocation of License.
Section 2-31-8 - Action by Commissioner Upon Default.
Section 2-31-9 - Issuance or Renewal of License by Commissioner; Posting of License and Certificate.
Section 2-31-11 - Refusal, Suspension or Revocation of License - Written Notice.
Section 2-31-12 - Refusal, Suspension or Revocation of License - Contesting; Hearing.
Section 2-31-13 - Refusal, Suspension or Revocation of License - Procedure; Hearings.
Section 2-31-15 - Judicial Review of Ruling of Commissioner; Appeal From Circuit Court.
Section 2-31-16 - Rules and Regulations.