TITLE 69

WAREHOUSES

CHAPTER 2

BONDED WAREHOUSE LAW

69-260.  Financial difficulties — Additional bond or security required. The department may, when it has reason to believe that a licensee does not have the ability to pay producers for commodities purchased, or when it determines that the licensee does not have a sufficient net worth to outstanding financial obligations ratio, require from the licensee the posting of a bond or other additional security in an amount to be prescribed by rule. The additional security may exceed the maximum amount set forth in this chapter. Failure of the licensee to timely post the additional bond or other security constitutes grounds for suspension or revocation of a license issued under this chapter. The licensee may request a hearing regarding the decision to increase the amount of security required or the revocation or suspension of a license pursuant to this section and may appeal such decisions pursuant to the procedure set out in section 69-246, Idaho Code.

History:

[69-260, added 1988, ch. 350, sec. 2, p. 1037; am. 1989, ch. 320, sec. 5, p. 830; am. 1990, ch. 183, sec. 9, p. 405.]