Sec. 3.3. (a) If the amount realized by the department from a bond or security forfeited under section 3(g) of this chapter, after deducting expenses incurred by the department in converting the bond or security into money, is greater than the amount of the liability of the timber buyer as determined under this chapter, the department shall pay the excess to the timber buyer who furnished the bond or security.
(b) If the amount realized by the department from a bond or security forfeited under section 3(g) of this chapter, after deducting expenses incurred by the department in converting the bond or security into money, is less than the amount of liability of the timber buyer as determined under this chapter, the timber buyer's registration may be revoked.
As added by P.L.220-1993, SEC.4.
Structure Indiana Code
Title 25. Professions and Occupations
Chapter 1. Regulation of Timber Buyers by Department of Natural Resources
25-36.5-1-2. Application for Registration; Contents; Filing; Prior Registration
25-36.5-1-2.1. Purchasing Timber; Contracts in Writing
25-36.5-1-3.1. Notice of Violation of Chapter or Rules
25-36.5-1-3.2. Adjudicative Proceeding Against Timber Buyer or Cutter
25-36.5-1-3.3. Bond or Security Forfeiture Proceeds; Overage and Shortage; Effect
25-36.5-1-3.5. Cessation of Business; Requirements for Return of Deposit
25-36.5-1-4.9. Refusal to Issue Timber Buyer Registration Certificate; Grounds
25-36.5-1-6. Issuance of Registration Certificates; Renewal
25-36.5-1-7. Fees; Use by Department
25-36.5-1-8. Inspection of Premises, Records, and Papers
25-36.5-1-9. Rules and Regulations
25-36.5-1-11. Denial of Registration for Default
25-36.5-1-12. Revocation of License; Proceedings
25-36.5-1-13. Injunction; Contempt Proceedings
25-36.5-1-13.5. Civil Penalties
25-36.5-1-16. Denial, Suspension, or Revocation of License or Registration; Grounds; Hearing
25-36.5-1-18. Criminal History of Applicants for Registration Certificate or License