Rule 40-14-2-.01. License

1. (1) Eligibility. Any person may, at his option, come under the provisions of the Act by complying with the provisions of the Act and the rules and regulations there under. Upon such compliance, any person may be issued a license to operate a State Bonded Warehouse, as provided in such license, except that no State Warehouse Director, employee, or examiner shall be interested financially, directly or indirectly in any warehouse licensed by the State of Georgia.

2. (2) Requirement.

   1. (a) To qualify for license under the Georgia State Warehouse Act, each applicant must submit or provide: a completed application, an appropriate and sufficient financial statement if required, proof of stock insurance, a warehousemen's bond, the certified public weigher's fees for licenses and seals, a schedule of charges, and the appropriate annual warehouse license fee.

      1. 1. Annual warehouse license fees for grain warehouses will be based upon the highest certified capacity during the preceding license year and prescribed by the following formulas:

         Warehouses with under 200,000 bushels = $2,000.00

         Warehouses with equal to or over 200,000 bushels = $2,500.00

      2. 2. Annual warehouse license fees for cotton warehouses will be based upon the highest certified capacity during the preceding license year and prescribed by the following formulas:

         Warehouses with less than 7,500 bales = $2,000.00

         Warehouses with equal to or more than 7,500 bales = $2,500.00

      3. 3. Warehouses certified for the storage of other agricultural products shall pay an annual license fee of $2,500.
   2. (b) Applications for renewal of licenses will be submitted to the Director at least thirty days prior to July 1st of each year.

   3. (c) Bond requirements will be as provided in O.C.G.A. 10-4-12, except that:

      1. 1. The requirement for bond, if for cotton, will be $5.00 per bale for licensed storage capacity.
      2. 2. In lieu of a surety bond, the Commissioner may accept a cash bond which shall be, in all respects, subject to the same claims as would exist against a surety bond.

   4. (d) For a license renewal, financial statements shall be submitted annually, no later than 60 days following the applicant's fiscal year close.

      1. 1. The net worth of the financial statement must equal or exceed the minimum bond requirement or an additional bond equal to twice the difference must be provided within 60 days following notification.
      2. 2. For license renewal, financial statements shall be submitted annually, no later than 60 days following the applicant's fiscal year close. Applicants who cannot meet this requirement may apply to the Commissioner for a temporary waiver of this provision. Any such waiver granted shall not exceed 180 days following the applicant's fiscal year close.

Authority: O.C.G.A. Sec. 10-4-1et seq.

History. Original Rule entitled "License" adopted. F. and eff. June 30, 1965.

Repealed: New Rule of same title adopted. F. Feb. 28, 1986; eff. Mar. 20, 1986.

Repealed: New Rule of same title adopted. F. May 5, 1992; eff. May 25, 1992.

Amended: F. July 5, 2001; eff. July 25, 2001.

Amended: F. June 21, 2010; eff. July 11, 2010.