276.496. Dealer to terminate all agreements upon expiration or revocation of license--notices--director to prescribe procedure--business may operate during periods of suspension--dealer to pay costs. - Missouri Statutes

Dealer to terminate all agreements upon expiration or revocation oflicense--notices--director to prescribe procedure--business mayoperate during periods of suspension--dealer to pay costs.

276.496. 1. When a license is revoked or expires withouthaving been renewed, the dealer shall terminate, in the mannerprescribed by the director, all arrangements covering thepurchase, holding or sale of grains held or controlled by thedealer. In terminating such arrangements, the dealer shallprepare a notice in a form approved by the director for allcreditors, sellers, and purchasers, which notice shall set forththe fact of termination and indicate the method of resolving openengagements.

2. During the period of suspension of a license, including atemporary suspension, the dealer may, with the approval and underthe supervision of the director or an auditor, continue tooperate his dealer business. All necessary expenses incurred bythe director or his designated agents in administering theprovisions of this section may be recovered from the dealer in aseparate civil action brought by the director in the circuitcourt. The director or his designated agents shall be entitledto a fee, computed in accordance with the provisions ofsubdivision (4) of subsection 1 of section 276.506, for each dayor fraction thereof that he or his agents are required to performservices in discharging the duties imposed by this section. Thecost of liability insurance necessary to protect the director andothers engaged in carrying out the provisions of this section mayalso be assessed against the dealer by the court in said suit.

(L. 1980 H.B. 1627 § 20)