(a) No license shall be issued to or allowed to be maintained by any sales establishment or dealer if:
(1) Any beneficial interest in the business of the sales establishment or dealer is directly or indirectly owned by a defaulter; or
(2) Any defaulter is employed in a management position by the sales establishment or dealer.
(b) As used in this Code section, the term "defaulter" means any person who has, within the past five years, been employed in a managerial position by or owned any beneficial interest in the business of a sales establishment or dealer and such business has ceased operations without satisfying all liabilities of the business either from assets of the business or from any surety.
(c) The Commissioner shall have full authority to require disclosure from licensees and applicants of information sufficient to determine whether the licensee or applicant is qualified to be licensed under this Code section. The Commissioner shall have full authority to examine the records and accounts of all licensees in order to determine whether any proceeds of the business are being paid to any defaulter.
(d) This Code section shall not prohibit the Commissioner from allowing a defaulter to operate as a dealer who purchases livestock for cash only.
(e) All applicants for licensure shall submit to the Commissioner a current financial statement, and all licensees shall submit a current financial statement annually.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.