TITLE 69

WAREHOUSES

CHAPTER 5

COMMODITY DEALER LAW

69-504.  License issuance — Renewal — Expiration. (1) The department shall issue a license when the applicant has filed the application and complied with the terms and conditions of the provisions of this chapter and the rules of the department. The license shall expire on December 31 of each year.

(2)  A commodity dealer’s license may be renewed annually by submitting all necessary licensing materials required by the provisions of this chapter. This material shall be received by the department before December 31 of each year.

(3)  A commodity dealer’s license which has expired may be reinstated by the department upon receipt of all necessary licensing materials required by the provisions of this chapter and a reinstatement fee in the amount of five hundred dollars ($500); providing, that this material is filed within thirty (30) days from the date of expiration of the commodity dealer’s license. At the end of the thirty (30) day reinstatement period, a commodity dealer’s license shall terminate. All license applications received after the thirty (30) day reinstatement period shall be considered original applications and, after the five hundred dollar ($500) reinstatement fee has been remitted to the department, license fees shall be assessed according to section 69-508(1), Idaho Code.

(4)  A license may terminate upon request of the licensee unless a complaint has been filed against the licensee alleging a violation of any provision of this chapter. A commodity dealer’s license is not transferable between legal entities.

(5)  If an applicant has had a license revoked under the provisions of chapter 2 or 5, title 69, Idaho Code, or the United States warehouse act within the past three (3) years or been convicted of a violation of the provisions of chapter 2 or 5, title 69, Idaho Code, or the United States warehouse act within the past three (3) years, the department may deny a commodity dealer’s license to the applicant.

(6)  Any partnership with a partner or any corporation, limited liability company or any association which has an officer, director or majority stockholder owning at least ten percent (10%) of issued stock who has had a license revoked under the provisions of chapter 2 or 5, title 69, Idaho Code, or the United States warehouse act within the previous three (3) years or has been convicted of a felony involving violations of the provisions of chapter 2 or 5, title 69, Idaho Code, or the United States warehouse act, may be denied a commodity dealer’s license by the department.

History:

[69-504, added 1982, ch. 94, sec. 2, p. 179; am. 1983, ch. 116, sec. 3, p. 252; am. 2002, ch. 258, sec. 2, p. 751.]