The commission may release an increase rider or additional bond to the warehouse licensee if it determines, after inspection or the submission of an updated grain report as required by § 20:10:11:01, that the original bond is adequate to cover one-half of the local market value of grain in the warehouse licensee's facilities.

An original bond filed with the commission for the license year may not be released unless a new bond is executed to replace the original bond for the entire license year.

Source: 13 SDR 40, effective October 14, 1986; 14 SDR 62, effective October 28, 1987; 24 SDR 190, effective July 15, 1998; 40 SDR 39, effective September 9, 2013.

General Authority: SDCL 49-43-4.1(3).

Law Implemented: SDCL 49-43-4.1(3) , 49-43-4.3 , 49-43-5.3.