§ 4-8-4 - Proof of financial security. - Rhode Island Statutes

SECTION 4-8-4

   § 4-8-4  Proof of financial security.– (a) A license shall not be issued as provided in § 4-8-3 unless theapplicant for that license files with the application, a sworn financialstatement in any form and giving any information that the director ofenvironmental management may demand. The financial statement shall be made andexecuted under oath or written declaration that it is made under penalty ofperjury.

   (b) The director shall issue a license as provided in §4-8-3, only when the financial statement is deemed by the director to beadequate for the protection of the producers of milk selling to that dealer.If, in the judgment of the director, following examination and investigation ofthe financial statement, adequate financial security is not evident, theapplicant shall be required before a license is issued, to furnish good andsufficient surety or sureties in any form and in any sums as the director deemsnecessary for the adequate protection of the producers selling to that dealer.Failure to furnish a financial statement or surety or sureties when demanded bythe director shall be sufficient cause for refusal to grant a license or forthe suspension or revocation of that license after the license has already beengranted.