N.D. Cent. Code § 4.1-57-04

Current through the 2023 Legislative Sessions

Section 4.1-57-04 - Application for license - Required security

1. As a condition of licensure, the seed commissioner shall require an applicant to file:

a. A cash bond or a surety bond, in an amount and form determined by the seed commissioner; or

b. An irrevocable letter of credit.

2. The security required by the seed commissioner under subsection 1 is for the benefit of potato producers in this state and must be conditioned for the payment of any financial obligation owed by a wholesale potato dealer to a potato producer in this state.

N.D.C.C. § 4.1-57-04

Amended by S.L. 2011, ch. 70 (HB 1399),§ 15, eff. 8/1/2011.

Added by S.L. 2011, ch. 69 (HB 1027),§ 5, eff. 7/1/2011.