North Dakota Code 4.1-59-07 – Grain buyer license – Financial criteria to be met
1. To be eligible to receive an annual license, an applicant shall submit financial documentation to the commissioner verifying the applicant has satisfactory net worth and working capital, as determined by the commissioner.
Terms Used In North Dakota Code 4.1-59-07
- Commissioner: means the agriculture commissioner or the designee or authorized representative of the commissioner. See North Dakota Code 4.1-01-01
- Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. Source: OCC
- Fraud: Intentional deception resulting in injury to another.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
- written: include "typewriting" and "typewritten" and "printing" and "printed" except in the case of signatures and when the words are used by way of contrast to typewriting and printing. See North Dakota Code 1-01-37
- year: means twelve consecutive months. See North Dakota Code 1-01-33
2. A licensed grain buyer or an applicant for initial licensure shall report balance sheets and income statements to the commissioner annually on written application for initial licensure or license renewal if the applicant purchased up to ten million dollars worth of grain during the previous licensing period, or intends to purchase up to ten million dollars worth of grain during the first year of operation.
3. As a condition of licensure, an applicant shall provide to the commissioner, upon request, any financial record or bank verification release the commissioner deems relevant for the purpose of verifying the financial information of an applicant under this section.
4. As a condition of licensure, a new applicant must:
a. Pass a background check; b. Have a satisfactory credit score, as determined by the commissioner; and
c. Be a responsible person with a good business reputation, as determined by the commissioner, that:
(1) Is in the grain buying business; (2) Has knowledge of, and experience with, generally accepted grain buying and handling practices; (3) Is competent and willing to operate as a grain buyer in accordance with state and federal regulations; and
(4) Has not committed fraud or a criminal offense indicating a lack of business integrity or honesty that undermines the person’s responsibility as a grain buyer.