Plain Text Law

Regulation .06 Financial Statement.

Regulation .06 Financial Statement.Copy Citation

A.
If the applicant chooses to file a financial statement, he shall indicate in the statement a minimum net worth for each type of grain dealer's license as follows:
B.
If the applicant does not post a surety bond, irrevocable letter of credit or cash guaranty, the Department may not issue a:
(1)
Type A license if the financial statement indicates a minimum net worth less than $15,000;
(2)
Type B license if the financial statement indicates a minimum net worth less than $35,000; and
(3)
Type C or D license if the financial statement indicates a minimum net worth less than $100,000.
C.
An applicant for a Type A or B license shall submit a financial statement that:
(1)
Is prepared and signed by a person who is not the applicant or a member of the applicant's business or family;
(2)
Establishes a net worth for the applicant; and
(3)
Is signed by the applicant.
D.
An applicant for a Type C or D license shall file a:
(1)
Financial statement reviewed by a certified public accountant establishing the net worth of the applicant's business as provided in §A of this regulation; or
(2)
Letter from a certified public accountant stating that a review of the applicant's business records shows a net worth as provided in §A of this regulation.