A. The Commissioner may refuse to grant a license, delay the issuance of alicense, or revoke or suspend any license already granted when he finds thatthe dealer:
1. Has not satisfied a money judgment entered against him;
2. Has failed to promptly and properly account or to promptly and properlypay for agricultural produce;
3. Has made a false or misleading statement as to market conditions or theservice rendered;
4. Has perpetrated a fraud or engaged in deceit in procuring the license;
5. Has engaged in any fraudulent or deceitful practices in his dealings withproducers; or
6. Has failed to comply with any provisions of this article or anyregulations adopted by the Board.
B. For the purposes of this section the terms:
"Promptly and properly account," except when otherwise specifically agreedupon in writing by the parties, means providing a complete and trueaccounting: (i) in connection with buying brokerage transactions, within 24hours after the date of delivery of the agricultural produce to their firstdestination; (ii) in connection with consignment or joint accounttransactions, within 10 days after the date of final sale of each shipment.However, if a grower's agent, while conducting a grower's agent transaction,or a shipper distributes individual lots of produce for or on behalf ofothers, his accounting shall be made within five days after the date he ispaid by the purchaser or receives the accounting on consigned or jointaccount transactions. If a grower's agent, while conducting a grower's agenttransaction, or shipper harvests, packs, or distributes entire crops ormultiple lots therefrom for or on behalf of others, he shall make accountingswithin seven days following shipment by the dealer; and (iii) in connectionwith a consignment or joint account transaction, within 10 days after thedate of receipt of payment of a carrier claim filed. Nothing in this sectionshall prohibit cooperative associations from accounting to their members onthe basis of seasonal pools or other arrangements provided by theirregulations or bylaws.
"Promptly and properly pay" means payment within 30 days of the receipt ofthe produce by the dealer, unless a written agreement signed by both partiesexpressly provides or permits otherwise. In the case of joint transactions,if the produce sells at or for less than the agreed price, the dealer paysthe agreed price to the grower. If the produce sells for more than the agreedprice, the dealer shall pay to the grower one-half of the difference betweenthe sale price and the agreed price.
(1968, c. 598, § 3.1-722.10; 1972, c. 646; 1980, c. 277; 1994, c. 340; 2008,c. 860.)
A. The Commissioner may refuse to grant a license, delay the issuance of alicense, or revoke or suspend any license already granted when he finds thatthe dealer:
1. Has not satisfied a money judgment entered against him;
2. Has failed to promptly and properly account or to promptly and properlypay for agricultural produce;
3. Has made a false or misleading statement as to market conditions or theservice rendered;
4. Has perpetrated a fraud or engaged in deceit in procuring the license;
5. Has engaged in any fraudulent or deceitful practices in his dealings withproducers; or
6. Has failed to comply with any provisions of this article or anyregulations adopted by the Board.
B. For the purposes of this section the terms:
"Promptly and properly account," except when otherwise specifically agreedupon in writing by the parties, means providing a complete and trueaccounting: (i) in connection with buying brokerage transactions, within 24hours after the date of delivery of the agricultural produce to their firstdestination; (ii) in connection with consignment or joint accounttransactions, within 10 days after the date of final sale of each shipment.However, if a grower's agent, while conducting a grower's agent transaction,or a shipper distributes individual lots of produce for or on behalf ofothers, his accounting shall be made within five days after the date he ispaid by the purchaser or receives the accounting on consigned or jointaccount transactions. If a grower's agent, while conducting a grower's agenttransaction, or shipper harvests, packs, or distributes entire crops ormultiple lots therefrom for or on behalf of others, he shall make accountingswithin seven days following shipment by the dealer; and (iii) in connectionwith a consignment or joint account transaction, within 10 days after thedate of receipt of payment of a carrier claim filed. Nothing in this sectionshall prohibit cooperative associations from accounting to their members onthe basis of seasonal pools or other arrangements provided by theirregulations or bylaws.
"Promptly and properly pay" means payment within 30 days of the receipt ofthe produce by the dealer, unless a written agreement signed by both partiesexpressly provides or permits otherwise. In the case of joint transactions,if the produce sells at or for less than the agreed price, the dealer paysthe agreed price to the grower. If the produce sells for more than the agreedprice, the dealer shall pay to the grower one-half of the difference betweenthe sale price and the agreed price.
(1968, c. 598, § 3.1-722.10; 1972, c. 646; 1980, c. 277; 1994, c. 340; 2008,c. 860.)
A. The Commissioner may refuse to grant a license, delay the issuance of alicense, or revoke or suspend any license already granted when he finds thatthe dealer:
1. Has not satisfied a money judgment entered against him;
2. Has failed to promptly and properly account or to promptly and properlypay for agricultural produce;
3. Has made a false or misleading statement as to market conditions or theservice rendered;
4. Has perpetrated a fraud or engaged in deceit in procuring the license;
5. Has engaged in any fraudulent or deceitful practices in his dealings withproducers; or
6. Has failed to comply with any provisions of this article or anyregulations adopted by the Board.
B. For the purposes of this section the terms:
"Promptly and properly account," except when otherwise specifically agreedupon in writing by the parties, means providing a complete and trueaccounting: (i) in connection with buying brokerage transactions, within 24hours after the date of delivery of the agricultural produce to their firstdestination; (ii) in connection with consignment or joint accounttransactions, within 10 days after the date of final sale of each shipment.However, if a grower's agent, while conducting a grower's agent transaction,or a shipper distributes individual lots of produce for or on behalf ofothers, his accounting shall be made within five days after the date he ispaid by the purchaser or receives the accounting on consigned or jointaccount transactions. If a grower's agent, while conducting a grower's agenttransaction, or shipper harvests, packs, or distributes entire crops ormultiple lots therefrom for or on behalf of others, he shall make accountingswithin seven days following shipment by the dealer; and (iii) in connectionwith a consignment or joint account transaction, within 10 days after thedate of receipt of payment of a carrier claim filed. Nothing in this sectionshall prohibit cooperative associations from accounting to their members onthe basis of seasonal pools or other arrangements provided by theirregulations or bylaws.
"Promptly and properly pay" means payment within 30 days of the receipt ofthe produce by the dealer, unless a written agreement signed by both partiesexpressly provides or permits otherwise. In the case of joint transactions,if the produce sells at or for less than the agreed price, the dealer paysthe agreed price to the grower. If the produce sells for more than the agreedprice, the dealer shall pay to the grower one-half of the difference betweenthe sale price and the agreed price.
(1968, c. 598, § 3.1-722.10; 1972, c. 646; 1980, c. 277; 1994, c. 340; 2008,c. 860.)
