22.09.431 - Grain indemnity fund program -- Additional security. - Washington Statutes

Grain indemnity fund program — Additional security.

The department may, when it has reason to believe that a licensee does not have the ability to pay producers for grain purchased, or when it determines that the licensee does not have a sufficient net worth to outstanding financial obligations ratio, require from the licensee the payment of an additional assessment or, at the department's option, the posting of a bond or other additional security in an amount to be prescribed by rule. The additional assessment or other security may exceed the maximum amount set forth in RCW 22.09.416. Failure of the licensee to timely pay the additional assessment or post the additional bond or other security constitutes grounds for suspension or revocation of a license issued under this chapter.

[1987 c 509 § 12.]

Notes: Severability -- 1987 c 509: See note following RCW 22.09.060.