N.Y. Comp. Codes R. & Regs. tit. 1 § 43.10

Current through Register Vol. 46, No. 50, December 11, 2024

Section 43.10 - Amount of surety bond or alternative security

(a) Each milk dealer who is required to file a mandatory minimum surety bond pursuant to section 258-b(3)(c) of the law or elects to file a surety bond or alternative security in accordance with section 258-b(6) and (7) of the law shall, in determining the highest aggregate value of milk purchased or received from producers in two consecutive months during the preceding 12 months, take into account both the quantity and minimum price of such milk. The value so determined shall include any amount paid to a producer settlement or equalization fund for an order promulgated under section 258-m or 258-n of the law.

(b) In determining, pursuant to section 258-b(3)(d) of the law, whether a milk dealer should be required to file a further surety bond or other security in addition to making payments to the producers security fund and filing a mandatory minimum surety bond, and the amount of additional security to be required, the commissioner shall take into account the milk dealer's financial liquidity, indebtedness, equity in the business and tangible net worth, profitability, value of unencumbered real and other tangible assets located within New York State, value of milk purchases from New York State producers and in total, payment practices, and the maximum value of his purchases of milk from producers during a 43-day period.

N.Y. Comp. Codes R. & Regs. Tit. 1 § 43.10