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Subject 40-30-3 BONDING

Rule 40-30-3-.01 Dealer Bond

(1) Before any Dealer in Agricultural Products license is issued, the applicant shall make and deliver to the Commissioner a surety bond executed by a surety corporation authorized to transact business in this state and approved by the Commissioner.
(2) The surety bond shall be upon a form prescribed or approved by the Commissioner and shall be conditioned to secure the faithful accounting for and payment to producers or their agents or representatives of the proceeds of all agricultural products handled or sold by such dealer.
(4) Whenever the Commissioner shall determine that a previously approved bond has for any cause become insufficient, the Commissioner may require an additional bond or bonds to be given.
(5) Unless the additional bond or bonds are given within the time fixed by written demand therefor, or if the bond of a dealer is canceled, the license of such person shall be immediately revoked by operation of law without notice or hearing and such person shall be ineligible to reapply for such license for a period of four years after such revocation.
(6) In lieu of a surety bond, the Commissioner may accept a cash bond, which shall in all respects be subject to the same claims and actions as would exist against a surety bond.

Rule 40-30-3-.02 Amount of Bond

(1) The surety bond required pursuant to the Act and the rules and regulations therein shall be in an amount equal to the maximum amount of products purchased from or sold for Georgia producers or estimated to be purchased or sold in any month by the dealer in agricultural products.
(2) The minimum amount of such bond shall be $10,000.00 and the maximum amount of such bond shall be $230,000.00, except in the case of pecans for which the maximum amount of such bond shall be $500,000.00.
(3) In the event the maximum amount of products purchased from or sold for Georgia producers or estimated to be purchased or sold in any month by the dealer in agricultural products is less than $10,000.00, the required bond shall be in the amount of $10,000.00.
(4) In the event the maximum amount of products purchased from or sold for Georgia producers or estimated to be purchased or sold in any month by the dealer in agricultural products is greater than $230,000.00, the required bond shall be in the amount of $230,000.00.
(5) In the case of pecans only, in the event the maximum amount of products purchased from or sold for Georgia producers or estimated to be purchased or sold in any month by the dealer in agricultural products is greater than $500,000.00, said dealer shall provide a bond in the amount of $500,000.00.