South Dakota Codified Laws
Chapter 45 - Grain Buyers
Section 49-45-28 - Parent company furnishing financial statements responsible for financial obligations of licensed entity.

49-45-28. Parent company furnishing financial statements responsible for financial obligations of licensed entity.
If an applicant for a grain buyer license that is a subsidiary of a parent company submits the financial statements of the parent company, the parent company furnishing the financial statements is responsible for all the financial obligations incurred by the licensed entity related to the purchase and storage of grain, including any voluntary credit sale contract.

Source: SL 2013, ch 238, §20, eff. Apr. 1, 2013; SL 2015, ch 236, §2.

<< Previous
Next >>

Structure South Dakota Codified Laws

South Dakota Codified Laws

Title 49 - Public Utilities and Carriers

Chapter 45 - Grain Buyers

Section 49-45-1 - Grain buyer's license--Penalty--Civil fine.

Section 49-45-1.1 - Definitions.

Section 49-45-3 - Expiration, revocation, and suspension of license--Appeal.

Section 49-45-6 - Supervision of grain buyers--Promulgation of rules.

Section 49-45-7 - Application for license--Contents--Issuance or denial--Multiple warehouses of licensee.

Section 49-45-7.1 - Classes of grain buyer's license.

Section 49-45-8 - Fee for license application--Waiver.

Section 49-45-9 - Bond requirements--Violation as misdemeanor--Amount.

Section 49-45-9.1 - Filing of financial documents in lieu of bond.

Section 49-45-10 - Payment for grain by buyer.

Section 49-45-10.1 - Uniform scale tickets or receipts.

Section 49-45-11 - Voluntary credit sales.

Section 49-45-13 - Inspection of buyers' facilities--Examination of books--Subpoena power.

Section 49-45-13.1 - Memorandum of adjustments--Civil fine for failure to comply.

Section 49-45-14 - Reports by buyers--Public inspection not permitted--Violation as misdemeanor.

Section 49-45-16 - Grounds for suspension of grain buyer's license--Hearing--Revocation.

Section 49-45-16.1 - Receiver--Powers and duties.

Section 49-45-17 - Recovery of damages for breach of obligation under bond--Notice to commission--Time for commission response.

Section 49-45-18 - Audit of scale tickets--Certification of quantity and class of grain.

Section 49-45-19 - Grain buyer license—Revocation—Filing of claims.

Section 49-45-21 - Commission authorized to contract for inspection of grain buyers' assessment and checkoff records.

Section 49-45-22 - Class A license requirements--Violation as misdemeanor.

Section 49-45-23 - Records of grain purchased and contracts.

Section 49-45-24 - Notice of destruction of or damage to facility.

Section 49-45-25 - Grain buyer's financial condition--Notice to commission--Penalty--Civil fine.

Section 49-45-26 - Provision of requested records--Penalty--Civil fine.

Section 49-45-27 - Owner, manager, or chief executive officer responsible for violation is subject to criminal penalty.

Section 49-45-28 - Parent company furnishing financial statements responsible for financial obligations of licensed entity.

Section 49-45-29 - Grain broker--Prohibited activities--Penalty--Civil fine.