A. The bond shall be executed by the applicant as principal and by a surety company authorized and qualified to do business in the Commonwealth as surety. The applicant shall file on or before May 1 of each licensing year a copy of the bond with the Commissioner and the Commissioner shall be designated as the trustee of this bond. If the bond is not filed by the due date, and if the applicant notifies the Commissioner that the bond application is in process and furnishes the Commissioner a copy of the dated bond application, the Commissioner may grant a grace period of 15 working days for the applicant to file the bond without penalty. Any applicant who fails to file a bond by the 15th day of the grace period, shall be subject to all applicable late fees and penalties as stated in §§ 3.2-4739 and 3.2-4751 before a license will be issued.
B. The bond shall be upon a form prescribed or approved by the Commissioner and shall be conditioned to secure the faithful accounting for payment to producers, agents or representatives, of all agricultural produce purchased, handled or sold by the dealer. Any producer claiming to be injured by the nonpayment, fraud, deceit or negligence of any dealer may bring action upon the bond against the principal, or the surety, or both in an appropriate court.
1968, c. 598, § 3.1-722.5; 1994, c. 340; 2008, c. 860.
Structure Code of Virginia
Title 3.2 - Agriculture, Animal Care, and Food
Chapter 47 - Sale of Farm Produce
§ 3.2-4702. Powers and duties of Director
§ 3.2-4703. Cooperation of U.S. Department of Agriculture
§ 3.2-4705. Division to disseminate information
§ 3.2-4706. Finding markets for producers
§ 3.2-4707. Investigation and correction of improper practices
§ 3.2-4710. Certain activities exempt from article
§ 3.2-4711. License required; application for license to be in writing; contents
§ 3.2-4712. Fee and bond to accompany license
§ 3.2-4713. Applications for renewal licenses
§ 3.2-4714. Disposition of sums received for licenses
§ 3.2-4715. Certified copy of license; fee; posting of license during sale periods
§ 3.2-4716. Bond not required for certain auction sales of livestock
§ 3.2-4718. Execution and terms of bond; action thereon
§ 3.2-4719. Duties and powers of Commissioner with respect to bonds
§ 3.2-4720. Schedule of commissions and charges to be filed
§ 3.2-4721. Investigation of transactions by Commissioner
§ 3.2-4722. Complaint to Commissioner by consignor; Commissioner's action
§ 3.2-4723. Right of entry; administration of oaths; testimony
§ 3.2-4724. Grounds for refusal or revocation of license
§ 3.2-4725. Publication of revocation
§ 3.2-4726. Failure to comply with orders of Commissioner constitutes contempt
§ 3.2-4727. Copies of papers in Commissioner's office as prima facie evidence
§ 3.2-4728. Appeal from orders and actions of Commissioner
§ 3.2-4729. Records to be kept by commission merchant
§ 3.2-4731. Record and account, together with remittance for each sale, to be delivered to consignor
§ 3.2-4732. Copies of records to be kept by commission merchant
§ 3.2-4734. Duty of attorney for the Commonwealth
§ 3.2-4737. Offenses and punishment
§ 3.2-4741. Execution, terms and form of bond; action on bond
§ 3.2-4742. Duties and powers of Commissioner with respect to bonds
§ 3.2-4743. Agricultural Dealers Fund established; disposition of funds
§ 3.2-4744. Records to be kept by dealers
§ 3.2-4745. Copies of contracts to be filed with Commissioner
§ 3.2-4746. Commissioner's authority to inspect
§ 3.2-4747. Refusal or revocation of license
§ 3.2-4748. Hearing before the Commissioner
§ 3.2-4749. Commissioner may enjoin; Attorney General may prosecute
§ 3.2-4750. Operating without a license
§ 3.2-4751. Penalty for violation of article
§ 3.2-4752. Reciprocal agreements with other states and federal government
§ 3.2-4754. License required; application for license or renewal
§ 3.2-4755. License and renewal fee; bond or irrevocable letter of credit required; exemption
§ 3.2-4757. Duties and powers of Commissioner with respect to bonds
§ 3.2-4758. Grain Dealers Licensing and Bonding Fund established; disposition of fees and penalties
§ 3.2-4759. Records to be kept by dealers
§ 3.2-4760. Grounds for refusal or revocation of license
§ 3.2-4761. Procedure for refusal or revocation of license; notice of hearing
§ 3.2-4762. Commissioner's authority to investigate
§ 3.2-4765. License required; application; license fee and bond
§ 3.2-4766. Additional information to be reported by cotton gin each license year
§ 3.2-4767. Execution and terms of bond; action
§ 3.2-4768. Duties and powers of Commissioner with respect to bonds
§ 3.2-4769. Investigation by Commissioner; right of entry and inspection
§ 3.2-4770. Records to be kept by cotton handler
§ 3.2-4771. Record and accounts to be provided to consignor
§ 3.2-4772. Certificate establishing condition, quality, grade to be furnished
§ 3.2-4773. Identification of finished bales of cotton