824 IAC 2-4-12 Grain buyer licensees with United States Warehouse Act license

Sec. 12. (a) Persons storing grain and issuing warehouse receipts under the United States Warehouse Act shall be required to obtain an Indiana grain buyer license if they are purchasing grain from producers. (b) The bond submitted for the federal warehouse license shall suffice for the bonding requirement under the Act if all the following has occurred: (1) The agency's name is added as beneficiary after United States Department of Agriculture. (2) The amount of the bond meets the bonding requirements of the agency. (c) If the federal bond amount is inadequate, a bond rider running to the director only shall be submitted to the agency.