N.D. Cent. Code § 4.1-83-05

Current through 2023 Legislative Sessions

Section 4.1-83-05 - Application for license - Posting of bond

1. As a condition of licensure, the applicant shall post a bond with the agriculture commissioner. The bond must be:

a. A surety bond;

b. A cash bond; or

c. An irrevocable letter of credit.

2. The agriculture commissioner must be named as the obligee.

3. The bond required by this section must be:

a. In an amount and form required by this chapter;

b. Applicable to the period during which the livestock dealer's license is in effect;

c. For the benefit of any person selling livestock to the livestock dealer or the dealer's agent; and

d. Conditioned for the payment of any financial obligation owed by a livestock dealer to another person in conjunction with the sale of livestock.

N.D.C.C. § 4.1-83-05

Added by S.L. 2013, ch. 72 (HB 1026),§ 5, eff. 7/1/2013.