On and after July 1, 1986, every catfish processor shall register with the Commissioner of Agriculture and Commerce. The commissioner shall promulgate such rules and regulations as he may deem necessary to secure the performance of catfish purchasing obligations, and whenever, after due notice and hearing, the commissioner finds any registrant is insolvent or has violated any provisions of this article he may issue an order suspending such registrant for a reasonable specified period. Such order of suspension shall take effect within not less than five (5) days, unless suspended or modified or set aside by the commissioner or a court of competent jurisdiction. If the commissioner finds any processor is insolvent, he may after notice and hearing issue an order requiring such processor to cease and desist from purchasing catfish while insolvent except under such conditions as the commissioner may prescribe to effectuate the purposes of this article. Provided, however, that (a) those processors whose average annual purchases do not exceed Fifty Thousand Dollars ($50,000.00), and (b) those processors who deliver to the producer or his duly authorized representative the full amount of the purchase price on the same day the catfish product is purchased and possession thereof is transferred, shall be exempt from the provisions of this section.
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