A person may not be a grain dealer without first obtaining a grain dealer's license from the Secretary as provided by this chapter. By way of example but not limitation, a licensed grain dealer shall be a person who: Receives grain, in the course of his business, from a grower under a deferred payment contract. “Deferred payment contract” means a grain sales contract when the grower conveys title to the grain to a person for an agreed price, but payment for the grain is delayed until an agreed later date. Receives grain, in the course of his business, from a grower under a deferred price contract. “Deferred price contract” includes such contracts as a so-called “price later contract”, “open price contract”, “delayed price contract”, and means a grain sales contract when the title to grain is conveyed to a person from a grower, but when the grower (seller) is allowed to determine the price of grain at a later date either based on a future month's price for grain set by a commodity exchange or by some other mutually agreed method of price determination. In the course of his business, stores grain for a grower for later use by the grower for: Feed; Seed; A crop cover; or Resale by the grower. Is in the business of buying, receiving, exchanging, or storing grain for a person whose grain is grown by an agent, tenant, or employee. Types of Licenses. The type of license an applicant shall obtain and the license fee the applicant shall pay is dependent on the number of bushels he anticipates handling in the year of the application as shown in the chart below: The license shall be effective until the following December 31, unless suspended or revoked. If a person who has been issued a license is handling an amount of grain greater than the amount he was licensed to handle he shall: Immediately notify the Department of this change in status; and Be issued a new license by the Department after he has done the following: Correctly revised his application, Paid additional money toward his license fee so that the sum total of what he paid previously and his new payment equals an amount that meets the requirements of §C of this regulation, Revised his financial statement to comply with Regulation .06, if necessary, or Posted additional sums of monies to comply with Regulation .05, if necessary.