69-260. FINANCIAL DIFFICULTIES — ADDITIONAL BOND OR SECURITY REQUIRED. The department may, when it has reason to believe that a licensee does not have the ability to pay producers for commodities purchased, or when it determines that the licensee does not have a sufficient net worth to outstanding financial obligations ratio, require from the licensee the posting of a bond or other additional security in an amount to be prescribed by rule. The additional security may exceed the maximum amount set forth in this chapter. Failure of the licensee to timely post the additional bond or other security constitutes grounds for suspension or revocation of a license issued under this chapter. The licensee may request a hearing regarding the decision to increase the amount of security required or the revocation or suspension of a license pursuant to this section and may appeal such decisions pursuant to the procedure set out in section 69-246, Idaho Code.
History:
[69-260, added 1988, ch. 350, sec. 2, p. 1037; am. 1989, ch. 320, sec. 5, p. 830; am. 1990, ch. 183, sec. 9, p. 405.]
Structure Idaho Code
Chapter 2 - BONDED WAREHOUSE LAW
Section 69-201 - SHORT TITLE OF ACT.
Section 69-203 - LICENSE NECESSARY TO OPERATE PUBLIC WAREHOUSE.
Section 69-204 - PENALTY FOR OPERATING WITHOUT A LICENSE — MISREPRESENTATION.
Section 69-206 - LICENSES TO WAREHOUSEMEN — ISSUE — RENEWAL — CONDITIONS PRECEDENT.
Section 69-207 - TERM OF LICENSE — RENEWAL.
Section 69-208A - AMOUNT OF BOND — CANCELLATION.
Section 69-210 - DESIGNATION OF WAREHOUSE AS BONDED WAREHOUSE.
Section 69-211 - FEES OF DEPARTMENT.
Section 69-212 - SCHEDULE OF CHARGES — POSTING.
Section 69-213 - PRIVILEGE OF EXAMINING COMMODITIES STORED.
Section 69-213A - ANNUAL NOTIFICATION.
Section 69-214 - EMPLOYMENT OF PERSONNEL.
Section 69-215 - LICENSES TO WEIGH COMMODITIES FOR STORAGE.
Section 69-217 - RIGHT TO ASSESS AND COLLECT FEES.
Section 69-218 - WAREHOUSEMEN TO RECEIVE COMMODITIES ACCORDING TO CAPACITY.
Section 69-219 - COMMODITIES DEEMED DELIVERED SUBJECT TO LAW.
Section 69-220 - INSPECTION AND GRADING OF DISEASED OR INSECT INFESTED COMMODITIES.
Section 69-222 - RECEIPTS — SCALE WEIGHT TICKETS.
Section 69-224 - STANDARDS FOR AGRICULTURAL COMMODITIES.
Section 69-225 - LOSS OF RECEIPTS — CONDITIONS OF REISSUE.
Section 69-226 - RECORDS OF WAREHOUSES — CONDUCT OF WAREHOUSES.
Section 69-227 - EXAMINATION OF COMMODITIES OR SEED CROPS — RECORDS — PUBLICATION OF FINDINGS.
Section 69-228 - SUSPENSION OR REVOCATION OF LICENSE.
Section 69-229 - PUBLICATION OF REPORTS.
Section 69-230 - EXAMINATION OF BOOKS — AUTHORIZATION TO COPY.
Section 69-232 - COOPERATION WITH GOVERNMENTAL AGENCIES AND PRIVATE ASSOCIATIONS.
Section 69-233 - VIOLATION OF LAW — PENALTY.
Section 69-234 - RENT OF QUARTERS — EMPLOYMENT OF ASSISTANTS.
Section 69-235 - EFFECT OF PARTIAL INVALIDITY OF LAW.
Section 69-236 - NONCOMPLIANCE — FAILURE — REMEDIES OF DEPARTMENT.
Section 69-238 - WAREHOUSEMAN’S OBLIGATIONS — DUTY TO DELIVER DEPOSITED COMMODITIES — DAMAGES.
Section 69-239 - DUTIES OF WAREHOUSEMAN — CONTENTS OF RECORDS.
Section 69-240 - DIRECTOR’S DISCRETIONARY ACTION.
Section 69-241 - INSURANCE — CANCELLATION PROCEDURE — SUSPENSION OF LICENSE.
Section 69-243 - DUTY TO PROSECUTE.
Section 69-244 - LICENSE REISSUANCE FOLLOWING REVOCATION.
Section 69-245 - DIRECTOR’S AUTHORITY.
Section 69-246 - APPEALS FROM DECISION OF DIRECTOR.
Section 69-247 - LICENSE DENIAL.
Section 69-248 - DRAWING CHECKS INSUFFICIENTLY COVERED A VIOLATION.
Section 69-249 - CREDIT-SALE CONTRACTS.
Section 69-250 - CONFIDENTIAL AND PROTECTED RECORDS.
Section 69-251 - PAYMENT OF PURCHASE PRICE.
Section 69-255 - SHORT TITLE — INDEMNITY FUND PROGRAM.
Section 69-256 - CREATION OF INDEMNITY FUND — USES.
Section 69-257 - ASSESSMENT — RATE — MINIMUM AND MAXIMUM ASSESSMENT.
Section 69-259 - FUNDING AND LIMITS OF FUND.
Section 69-260 - FINANCIAL DIFFICULTIES — ADDITIONAL BOND OR SECURITY REQUIRED.
Section 69-261 - ADVISORY COMMITTEE — TERMS — COMPENSATION.
Section 69-262 - PROOF OF CLAIMS — PROCEDURE — HEARING — INSPECTION OF WAREHOUSE.
Section 69-263 - FAILURE TO FILE — LOSS OF CLAIM ON FUND.
Section 69-264 - MINIMUM BALANCE — SUBSEQUENT PAYMENTS.
Section 69-267 - CLAIM AGAINST WAREHOUSEMAN OR DEALER — DIRECTOR’S REMEDIES.