W. Va. Code R. § 61-11D-4

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 61-11D-4 - Bond Requirements

4.1. Each applicant for a livestock dealer's license under the provisions of this rule shall file with the commissioner either of the following:

4.1.a. A properly attested sworn statement that he is maintaining a valid surety bond pursuant to the requirements of the United States Department of Agriculture, Packers and Stockyards Act of 1921, as amended; or

4.1.b. A fully executed bond pursuant to the requirements of W. Va. Code '19-10B-4 in an amount of not less than $10,000.

4.2. The bond shall guarantee that the applicant shall faithfully fulfill the terms of the contract of purchase and guarantee payment of the purchase price of all livestock purchased by the applicant. The applicant shall cause the bond to be made payable to the commissioner for the benefit of the seller resulting from the livestock dealer's nonpayment of the purchase price or his failure to fulfill the terms of the contract of purchase.

4.3. The commissioner may require a bond in excess of ten thousand dollars ($10,000) when evidence shows that the volume of business of the livestock dealer creates a potential liability in excess of ten thousand dollars.

W. Va. Code R. § 61-11D-4