§ 49-43-62 Notice to commission of grain warehouse's noncompliant financial condition--Violation as felony or misdemeanor--Civil fine.

SD Codified L § 49-43-62 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

49-43-62. Notice to commission of grain warehouse's noncompliant financial condition--Violation as felony or misdemeanor--Civil fine. If at any time during the licensing period a grain warehouse operator becomes aware that the grain warehouse is not in compliance with each financial standard, as set forth in the commission's rules, the grain warehouse operator shall immediately notify the commission of the grain warehouse's financial condition. When notification occurs, the commission shall immediately conduct an examination to determine if any grounds for suspension pursuant to § 49-43-5.6 have occurred. A willful violation of this section that results in a financial loss to a grain depositor is a Class 6 felony. A willful violation that does not result in a financial loss to a grain depositor is a Class 1 misdemeanor.

In addition, the commission may assess a civil fine against an out of compliance grain warehouse in an amount not to exceed one thousand dollars for each day the grain warehouse has been out of compliance up to a maximum of twenty thousand dollars.

Source: SL 2013, ch 238, § 7, eff. Apr. 1, 2013.

Previous Section

§ 49-43-61 Parent company furnishing financial statements responsible for financial obligations of licensed entity.

Next Section

§ 49-43-63 Owner, manager, or chief executive officer responsible for violation is subject to criminal penalty.