Responsibility Of Licensed Dealer

(1) Each licensee shall display their license in a public area of the principal office of the licensee in this state. If the licensee has more than one (1) location a certificate shall be posted at each location. If the licensee operates trucks only, a certificate should be carried in each truck. (2) Regardless of the type record system used, it shall be maintained accurately and timely with daily updates by the licensee. All records shall be maintained for three (3) years. (3) All dealers shall give the producer a document indicating the weight, grade, dockage and price of the grain upon settlement. (4) A grain dealer shall maintain a liquid position throughout the year. There shall be no evidence of post dated checks, checks returned by a bank due to non-sufficient funds, or that a producer has been asked not to cash a grain dealer’s check until a specific date. Any evidence that indicates a non-liquid position may cause a grain dealers’ license to be suspended or revoked. (5) The department may require the grain dealer to provide a current profit and loss statement and balance sheet; the total bushels of grain and kind of grain sold by means of price later COMMODITY DEALER REGULATIONS CHAPTER-0080-5-13 contracts; a daily grain transaction report; a report of hedging activities; and a review of the activities of the hedging account for the past sixty (60) days. Such information shall be furnished to the department within ten (10) days of the request.