49-43-5.6. Grounds for suspension of license. The commission may immediately suspend the license of a warehouse operator and the warehouse operator shall surrender the license to the commission if:

(1) The warehouse operator, whether licensed or unlicensed, refuses, neglects, or is unable, upon proper demand, to redeem any warehouse receipt or scale ticket for grain in open storage or in grain bank issued by the warehouse operator, through redelivery or cash payment;

(2) The warehouse operator refuses, neglects, or is unable to provide a bond in an amount required by the commission;

(3) The commission has knowledge of any act of insolvency, including the filing of a petition in bankruptcy naming the warehouse as debtor; or

(4) The warehouse operator refuses to submit to an inspection or cooperate with the lawful requests of a commission inspector, including requests for access to and copies of the books and records of the warehouse.

Within fifteen days the warehouse operator may request a hearing pursuant to chapter 1-26 to determine if the license should be revoked. If no request is made within fifteen days, the commission shall revoke the license. If the commission determines it is necessary, the commission may apply to the circuit court in the county in which the warehouse operator operates for that court to appoint a receiver. The receiver has such powers and duties as the court may direct.

Source: SL 1987, ch 355, § 3; SL 2008, ch 249, § 13; SL 2013, ch 238, § 3, eff. Apr. 1, 2013.