25-3310. BOND REQUIRED OF A LICENSE HOLDER. (1) Each applicant to whom a license to act as a livestock dealer is issued shall:
(a) File a bond of a surety company authorized to do business in this state; or
(b) File a copy of the bond or bond equivalent required by the United States under the provisions of the packers and stockyards act of 1921, as amended, and regulations promulgated thereunder; or
(c) Approve the application by a person declaring to be a representative of the licensee by signature and include such representative under the bond or bond equivalent required pursuant to this section. The bond shall include the provisions required by the regulations promulgated pursuant to the packers and stockyards act of 1921, as amended, 9 C.F.R., part 201, section 201.31(c), known as condition clause 3.
(2) The amount of the bond must be based on the applicant’s annual volume of purchases, including purchases made by a representative of the licensee, according to a schedule adopted by the board; provided, however, that the bond shall be not less than ten thousand dollars ($10,000) nor more than one hundred thousand dollars ($100,000).
(3) All bonds must be renewed or continued in force to cover dealer transactions during the period that the license is valid.
History:
[25-3310, added 1990, ch. 182, sec. 10, p. 398; am. 1996, ch. 88, sec. 2, p. 269.]
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