3.2-4755 - License and renewal fee; bond or irrevocable letter of credit required; exemption. - Virginia Statutes

§ 3.2-4755. License and renewal fee; bond or irrevocable letter of creditrequired; exemption.

A. All applications a for license or license renewal shall be accompanied bya license fee of $40, $10 for each branch location and agent, and a good andsufficient bond in an amount of $2,000 or an amount equal to the maximumamount of gross business done in any month in the Commonwealth during thepreceding year by the applicant, whichever is greater, but in no event shallthe amount of bond required exceed $40,000. An irrevocable letter of creditfor the full amount of required bond may be submitted in lieu of a suretybond. A person, who upon written request shows proof satisfactory to theCommissioner that he is a cash buyer, shall be exempted from the bonding orirrevocable letter of credit requirements. The exemption shall be grantedwithin 20 days of the receipt of the exemption request, unless theCommissioner requests the dealer to provide additional necessary informationor unless the request is denied.

B. Any licensed grain dealer who fails to apply and qualify for the renewalof a license on or before the date of expiration, shall pay a penalty of $25,which shall be added to the original license fee and shall be paid by theapplicant before the renewal may be issued.

(1972, c. 296, §§ 3.1-722.19, 3.1-722.21; 1982, c. 187; 2008, c. 860.)