Section 276.441 Dealer may request use of minimum bond, procedure.

MO Rev Stat § 276.441 (2019) (N/A)

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Effective 28 Aug 2011

276.441. Dealer may request use of minimum bond, procedure. — 1. Any grain dealer who is of the opinion that his net worth is sufficient to guarantee payment for grain purchased by him may make a formal, written request to the director that he be relieved of the obligation of filing a bond in excess of the minimum bond of fifty thousand dollars. Such request shall be accompanied by a financial statement of the applicant, prepared within four months of the date of such request and accompanied by such additional information concerning the applicant and his finances as the director may require which may include the request for submission of a financial statement audited by a public accountant.

2. If such financial statement discloses a net worth equal to at least five times the amount of the bond otherwise required by sections 276.401 to 276.582, and the director is otherwise satisfied as to the financial ability and resources of the applicant, the director may waive that portion of the required bond in excess of fifty thousand dollars for each license issued.

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(L. 1980 H.B. 1627 § 9, A.L. 1981 H.B. 892, A.L. 1986 H.B. 1578, A.L. 1997 H.B. 211, A.L. 2011 H.B. 458 merged with S.B. 356)

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Section 276.436 Amount of bond — director to establish by rule — formula — minimum and maximum — additional bond because of low net worth or other circumstances — failure to maintain, effect.

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Section 276.451 Examination of application, duties of director — issuance and renewal of licenses — nontransferable — separate license for each location — suspension or revocation, grounds, duties of director, appeal, bond.