Idaho Admin. Code r. 02.02.12.131

Current through September 2, 2024
Section 02.02.12.131 - AMOUNT OF BOND, IRREVOCABLE LETTER OF CREDIT, CERTIFICATE OF DEPOSIT, OR SINGLE BOND
01.Bonding Requirement. The amount of bond to be furnished shall be fixed at a rate pursuant to Section 69-208A, Idaho Code.
02.Single Bond, Irrevocable Letter of Credit or Certificate of Deposit. For the purposes of licensing as a warehouseman pursuant to Title 69, Chapter 2, Idaho Code and a seed buyer pursuant to Title 22, Chapter 51, Idaho Code a single bond, irrevocable letter of credit or certificate of deposit shall be fixed at whichever of the following amounts is greater:
a. Combined total indebtedness paid and owed to producers for agricultural commodity and seed crop, without any deductions, for the previous license year; or
b. The indebtedness owed and estimated to be owed to producers for agricultural commodity and seed crop, without any deductions, for the current license year.

Idaho Admin. Code r. 02.02.12.131

Effective March 15, 2022