1. (a)

   1. (1) Application Form GD-1 or GD-2 is to be used in securing a license under the Arkansas Grain Dealers Act, Arkansas Code § 2-24-101 et seq., whether for a new license or the renewal of a license.
   2. (2) This form will be supplied, upon request by the applicant, by the State Plant Board.

2. (b)

   1. (1) For renewals the form will be sent to all licensees from the previous year prior to the renewal deadline.
   2. (2) Renewal applications should be delivered to the board at least thirty (30) days before the current license expires.

3. (c)

   1. (1) The licensing period shall be from July 1 through June 30 of each year, with the exception of those licenses issued during the inception of the rules.
   2. (2) Those licenses will be inclusive of the time between their issuance and June 30, 2016.

4. (d)

   1. (1) Each application for a license or license renewal shall be accompanied with a financial statement and signed report of a CPA or registered public accountant which must be a representation of:

      1. (A) An examined audit report;
      2. (B) A review report; or
      3. (C) A compilation report.

   2. (2) Additional reports required are:

      1. (A) A balance sheet;
      2. (B) A schedule of notes payable;
      3. (C) A statement of cash flows; and
      4. (D) Other reports that may be stipulated by the board.
   3. (3) All financial reports for year two (2) and beyond of licensing are to be submitted to the board within one hundred twenty (120) days of the company's fiscal year end.
   4. (4) All financial statements must be in bound copy or in electronic PDF from the accountant.
   5. (5) New companies, just being established and having less than one (1) complete fiscal year of operation, need only a trial balance and estimated purchases for their first year to apply for a license.
   6. (6) All financial records will be handled as dictated by the Freedom of Information Act of 1967, § 25-19-101 et seq.

5. (c)

   1. (1) The bond form, letter of credit form, and a certificate of deposit form for the purpose of securing bonding for the grain dealer will be supplied in the application packet.
   2. (2) Only one (1) type of bonding is required.
   3. (3) Bonding requirements are as follows:

      Purchases of Grain In dollars(Range)	Bonding in dollars
      1	5,000,000	$50,000
      5,000,001	20,000,000	$100,000
      20,000,001	40,000,000	$200,000
      40,000,001	60,000,000	$400,000
      60,000,001	80,000,000	$600,000
      80,000,001	100,000,000	$800,000
      100,000,001	and over	$1,000,000

Codification Notes: "CPA" means certified public accountant. "PDF" means portable document format.