Grain buyer bonds.

7-18-03-03. Grain buyer bonds. A licensee's minimum bond is eight percent of the licensee's total grain purchases in the state, based on annual purchases as reported monthly to the commissioner. A licensee's required minimum bond may not be less than one hundred thousand dollars: 1. A roving grain buyer bond may not exceed two million five hundred thousand dollars. 2. For new applicants, the bond will be set based on projected purchases for the current license year. 1 History: Effective January 1, 2022. General Authority: NDCC 60-02.1-03 Law Implemented: NDCC 60-02.1-03, 60-02.1-08