§ 3.2-4760. Grounds for refusal or revocation of license.
The Commissioner may refuse to grant or renew any license, or revoke anylicense if he finds that the grain dealer:
1. Has not satisfied a final money judgment entered against him;
2. Has failed to promptly and properly account and pay for in full within 10calendar days of the receipt of the grain from the producer, unless a writtenagreement signed by both parties expressly provides or permits otherwise. Theprompt and proper accounting of and payment for grain shall include thefollowing:
a. Any grain dealer who purchases grain from a producer shall deliver to theproducer or his duly authorized representative the full amount of thepurchase price, within the time specified in this subdivision. Payment shalloccur either by transferring a check in the full amount to the producer orhis authorized agent at the point of transfer of possession, wiring transferfunds to the producer's account for the full purchase price, or by depositinga check in the United States mail for the full amount properly addressed tothe producer and in an envelope postmarked within the time specified in thissection.
b. Any grain dealer who sells grain deposited in his grain storage facilityby a producer shall promptly notify the producer or his duly authorizedrepresentative of the sale, and shall deliver to the producer or hisauthorized representative the full amount of the purchase price within thetime specified in this subdivision. The time limit may be extended for goodcause and with the written consent of the depositor. Nonpayment by thepurchaser shall not constitute "good cause" under this section.
c. Any grain dealer who enters into a deferred payment, price later, orcontract transaction with a producer shall have the transaction in writingand signed by both parties and shall deliver a copy of the transaction to theproducer or his duly authorized representative. Upon conclusion of thewritten agreement transaction, the dealer shall deliver to the producer orhis authorized representative the full amount of the purchase price withinthe time specified in this subdivision;
3. Has failed to maintain business records of his grain transactions asrequired;
4. Has failed to post current discounts where they can readily be reviewed bythe producer or his representative;
5. Upon the request of the producer or his representative, has failed tonotify the producer or his representative at the time of delivery of alldiscounts and deductions applied;
6. Has failed to file annually with the Commissioner the discount schedulesfor each grain purchased, including the effective date of the purchase, orhas failed to make available upon request of the Commissioner during normalbusiness hours any changes in the discount schedules that have been filed;
7. Has engaged in fraudulent or deceptive practices in the transaction of hisbusiness as a dealer;
8. Has failed to state on producers receipts the type of grain transactionsthat shall include storage, grain bank, grain exchange, price later, deferredpayment, and contract;
9. Has failed to maintain a bond or letter of credit as required; or
10. Has violated any regulation adopted by the Board.
(1972, c. 296, § 3.1-722.24; 1975, c. 85; 1982, c. 187; 2008, c. 860.)
§ 3.2-4760. Grounds for refusal or revocation of license.
The Commissioner may refuse to grant or renew any license, or revoke anylicense if he finds that the grain dealer:
1. Has not satisfied a final money judgment entered against him;
2. Has failed to promptly and properly account and pay for in full within 10calendar days of the receipt of the grain from the producer, unless a writtenagreement signed by both parties expressly provides or permits otherwise. Theprompt and proper accounting of and payment for grain shall include thefollowing:
a. Any grain dealer who purchases grain from a producer shall deliver to theproducer or his duly authorized representative the full amount of thepurchase price, within the time specified in this subdivision. Payment shalloccur either by transferring a check in the full amount to the producer orhis authorized agent at the point of transfer of possession, wiring transferfunds to the producer's account for the full purchase price, or by depositinga check in the United States mail for the full amount properly addressed tothe producer and in an envelope postmarked within the time specified in thissection.
b. Any grain dealer who sells grain deposited in his grain storage facilityby a producer shall promptly notify the producer or his duly authorizedrepresentative of the sale, and shall deliver to the producer or hisauthorized representative the full amount of the purchase price within thetime specified in this subdivision. The time limit may be extended for goodcause and with the written consent of the depositor. Nonpayment by thepurchaser shall not constitute "good cause" under this section.
c. Any grain dealer who enters into a deferred payment, price later, orcontract transaction with a producer shall have the transaction in writingand signed by both parties and shall deliver a copy of the transaction to theproducer or his duly authorized representative. Upon conclusion of thewritten agreement transaction, the dealer shall deliver to the producer orhis authorized representative the full amount of the purchase price withinthe time specified in this subdivision;
3. Has failed to maintain business records of his grain transactions asrequired;
4. Has failed to post current discounts where they can readily be reviewed bythe producer or his representative;
5. Upon the request of the producer or his representative, has failed tonotify the producer or his representative at the time of delivery of alldiscounts and deductions applied;
6. Has failed to file annually with the Commissioner the discount schedulesfor each grain purchased, including the effective date of the purchase, orhas failed to make available upon request of the Commissioner during normalbusiness hours any changes in the discount schedules that have been filed;
7. Has engaged in fraudulent or deceptive practices in the transaction of hisbusiness as a dealer;
8. Has failed to state on producers receipts the type of grain transactionsthat shall include storage, grain bank, grain exchange, price later, deferredpayment, and contract;
9. Has failed to maintain a bond or letter of credit as required; or
10. Has violated any regulation adopted by the Board.
(1972, c. 296, § 3.1-722.24; 1975, c. 85; 1982, c. 187; 2008, c. 860.)
§ 3.2-4760. Grounds for refusal or revocation of license.
The Commissioner may refuse to grant or renew any license, or revoke anylicense if he finds that the grain dealer:
1. Has not satisfied a final money judgment entered against him;
2. Has failed to promptly and properly account and pay for in full within 10calendar days of the receipt of the grain from the producer, unless a writtenagreement signed by both parties expressly provides or permits otherwise. Theprompt and proper accounting of and payment for grain shall include thefollowing:
a. Any grain dealer who purchases grain from a producer shall deliver to theproducer or his duly authorized representative the full amount of thepurchase price, within the time specified in this subdivision. Payment shalloccur either by transferring a check in the full amount to the producer orhis authorized agent at the point of transfer of possession, wiring transferfunds to the producer's account for the full purchase price, or by depositinga check in the United States mail for the full amount properly addressed tothe producer and in an envelope postmarked within the time specified in thissection.
b. Any grain dealer who sells grain deposited in his grain storage facilityby a producer shall promptly notify the producer or his duly authorizedrepresentative of the sale, and shall deliver to the producer or hisauthorized representative the full amount of the purchase price within thetime specified in this subdivision. The time limit may be extended for goodcause and with the written consent of the depositor. Nonpayment by thepurchaser shall not constitute "good cause" under this section.
c. Any grain dealer who enters into a deferred payment, price later, orcontract transaction with a producer shall have the transaction in writingand signed by both parties and shall deliver a copy of the transaction to theproducer or his duly authorized representative. Upon conclusion of thewritten agreement transaction, the dealer shall deliver to the producer orhis authorized representative the full amount of the purchase price withinthe time specified in this subdivision;
3. Has failed to maintain business records of his grain transactions asrequired;
4. Has failed to post current discounts where they can readily be reviewed bythe producer or his representative;
5. Upon the request of the producer or his representative, has failed tonotify the producer or his representative at the time of delivery of alldiscounts and deductions applied;
6. Has failed to file annually with the Commissioner the discount schedulesfor each grain purchased, including the effective date of the purchase, orhas failed to make available upon request of the Commissioner during normalbusiness hours any changes in the discount schedules that have been filed;
7. Has engaged in fraudulent or deceptive practices in the transaction of hisbusiness as a dealer;
8. Has failed to state on producers receipts the type of grain transactionsthat shall include storage, grain bank, grain exchange, price later, deferredpayment, and contract;
9. Has failed to maintain a bond or letter of credit as required; or
10. Has violated any regulation adopted by the Board.
(1972, c. 296, § 3.1-722.24; 1975, c. 85; 1982, c. 187; 2008, c. 860.)
