Section 49-45-16 - Grounds for suspension of grain buyer's license--Hearing--Revocation--Receiver. - South Dakota Statutes

49-45-16. Grounds for suspension of grain buyer's license--Hearing--Revocation--Receiver. The commission may immediately suspend the license of a grain buyer and the grain buyer shall surrender the license to the commission if:
(1) The grain buyer, whether licensed or unlicensed, refuses, neglects, or is unable, upon proper demand, to redeem any scale ticket issued by the grain buyer, through redelivery or cash payment;
(2) The grain buyer refuses, neglects, or is unable to provide a bond in an amount required by the commission; or
(3) The commission has knowledge of any act of insolvency, including the filing of a petition in bankruptcy naming the grain buyer as debtor.
Within fifteen days the grain buyer may request a hearing pursuant to chapter 1-26 to determine if the license should be revoked. If no request is made within fifteen days, the commission shall revoke the license. If the commission determines it is necessary, the commission may apply to the circuit court in the county in which the grain buyer operates for that court to appoint a receiver. The receiver has such powers and duties as the court may direct.

Source: SL 1989, ch 404, § 5; SL 2008, ch 251, § 15.