172A.11 Suspension of license.
1. a. The secretary shall have the authority to suspend the license of any dealer or broker or agent if upon hearing it is found that the dealer or broker or agent has committed any of the following acts or omissions:
(1) Failure to submit a larger bond amount or trust fund when ordered by the secretary.
(2) Failure to pay for purchases of livestock in the manner required by section 172A.9.
b. An order of suspension issued by the secretary shall be effective for an indefinite period, unless and until the person establishes to the satisfaction of the secretary that the person has taken reasonable precautions to prevent a recurrence of the act or omission in the future.
2. a. The secretary shall have the authority temporarily to suspend without hearing the license of any licensee in any of the following circumstances:
(1) The licensee fails to maintain proof of financial responsibility, or the surety on the licensee’s bond loses its authorization to issue bonds in this state, or the trustee of a trust fund loses its authorization to engage in the business of a fiduciary.
(2) Claims are filed with the secretary against the bond or trust in an aggregate amount equal to ten percent or more of the amount of the bond.
b. A temporary suspension shall be effective on the date of issuance of the order of suspension, and until a revocation hearing has been held and the secretary either has entered an order of revocation of the license, or has terminated the order of suspension.
[C77, 79, 81, §172A.11]
2009 Acts, ch 41, §263
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