SDLRC - 2020 House Bill 1080 - SD Legislature revise certain provisions regarding grain buyers.

ENTITLED An Act to revise certain provisions regarding grain buyers.

Be it enacted by the Legislature of the State of South Dakota:

Section 1. That   49-45-6 be AMENDED:

49-45-6. Supervision of grain buyers--Promulgation of rules.

The commission shall supervise the business of grain buyers in this state and administer the laws in relation thereto. The commission may promulgate rules, pursuant to chapter 1-26, concerning:

(1) The form of a grain buyer's bond and application and the information required to be included for licensing;

(2) Requirements for posting grain buyer's licenses;

(3) Notice requirements to sellers who enter into voluntary credit sale agreements;

(4) Requirements for filing financial statements with the commission and the financial standards by which the statements are approved when considering whether to license a grain buyer;

(5) Requirements for grain buyers to provide information to sellers regarding the statutes and rules relating to grain buyers;

(6) Requirements and procedures for releasing bonds; and

(7) Procedures and requirements for license suspension, revocation, transfer of ownership, or insolvency by a grain buyer.

Section 2. That section 49-43-53 be REPEALED.

49-43-53. Transfer of funds to grain and warehouse fund.

An Act to revise certain provisions regarding grain buyers.

I certify that the attached Act originated in the: House as Bill No. 1080 Chief Clerk Speaker of the House Attest: Chief Clerk President of the Senate Attest: Secretary of the Senate House Bill No. 1080 File No. ____ Chapter No. ______

Received at this Executive Office this _____ day of _____________, 2020 at ____________M. By for the Governor The attached Act is hereby approved this ________ day of ______________, A.D., 2020 Governor STATE OF SOUTH DAKOTA, ss. Office of the Secretary of State Filed ____________, 2020 at _________ o'clock __M. Secretary of State By Asst. Secretary of State