A. Every application for a livestock auction market license shall be on a form prescribed by the State Board of Agriculture. Each license shall expire at a time specified by the Board by rule. A fee of Twenty-five Dollars ($25.00) shall be charged and collected for the issuance or renewal of the license. Any license may be denied, revoked, suspended, or not renewed by the Board, after due notice in writing and an opportunity to be heard has been given to the holder, upon:

1. The failure of the holder to comply with the corporate surety bond or account requirements; or

2. The failure of the licensee to comply with any of the provisions of Section 6-102 of this title, the Livestock Auction Market Act, or any rule promulgated thereto.

B. The Board shall promulgate rules to effectuate the provisions of this section. The rules may include, but not be limited to, requiring:

1. The submission of financial documents;

2. The disclosure of all persons having a financial interest in the applicant and the amount and nature of the interest;

3. Proof that the applicant meets registration requirements of the Federal Packers and Stockyards Act of 1921, as amended; and

4. The submission of any other information reasonably calculated to enable the Board to make the determination required by this section.

C. The Board shall provide for the publication of notice to the public of the suspension or revocation of the livestock auction market license.

Added by Laws 1955, p. 92, art. 9(D), § 3, emerg. eff. June 3, 1955. Amended by Laws 1961, p. 6, § 2; Laws 1976, c. 107, § 3, emerg. eff. May 12, 1976; Laws 1991, c. 186, § 5, emerg. eff. May 13, 1991; Laws 1996, c. 185, § 2, eff. Nov. 1, 1996; Laws 2000, c. 243, § 104, emerg. eff. May 24, 2000.