7-18-02-02. Financial requirements.

1. All license types must meet the following requirements based on purchased grain amount: a. Purchases less than one million: one hundred thousand dollars net worth. b. Purchases more than one million less than ten million: two hundred fifty thousand dollars net worth. c. Purchases more than ten million: five hundred thousand dollars net worth. d. Working capital ratio of at least 1.0.

2. For any licensee unable to meet these requirements the commissioner may: a. Deny a license; b. Require additional capital or net worth before approving license; and c. Require additional bonding to cover capital or net worth shortfall.

History: Effective January 1, 2022.

General Authority: NDCC 60-02-03, 60-02.1-03

Law Implemented: NDCC 60-02-06.2, 60-02.1-06.2