276.441. Dealer may request use of minimum bond, procedure. - Missouri Statutes

Dealer may request use of minimum bond, procedure.

276.441. 1. Any grain dealer who is of the opinion that his networth is sufficient to guarantee payment for grain purchased by him maymake a formal, written request to the director that he be relieved of theobligation of filing a bond in excess of the minimum bond of twentythousand dollars. Such request shall be accompanied by a financialstatement of the applicant, prepared within four months of the date of suchrequest and accompanied by such additional information concerning theapplicant and his finances as the director may require which may includethe request for submission of a financial statement audited by a publicaccountant.

2. If such financial statement discloses a net worth equal to atleast five times the amount of the bond otherwise required by sections276.401 to 276.582, and the director is otherwise satisfied as to thefinancial ability and resources of the applicant, the director may waivethat portion of the required bond in excess of twenty thousand dollars foreach license issued.

(L. 1980 H.B. 1627 § 9, A.L. 1981 H.B. 892, A.L. 1986 H.B. 1578, A.L. 1997 H.B. 211)

Effective 4-2-97