2005 Idaho Code - 69-206 — LICENSES TO WAREHOUSEMEN -- ISSUE -- RENEWAL -- CONDITIONS PRECEDENT

                                  TITLE  69
                                  WAREHOUSES
                                  CHAPTER 2
                             BONDED WAREHOUSE LAW
    69-206.  LICENSES TO WAREHOUSEMEN -- ISSUE -- RENEWAL -- CONDITIONS
PRECEDENT. The department is authorized, upon application to it, to issue or
renew to any warehouseman a license for the conduct of a warehouse or
warehouses in accordance with this chapter and such rules as may be made
hereunder, providing the following conditions are met:
    (1)  Each person, as a condition precedent to operating a warehouse in
this state, shall file and maintain satisfactory evidence with the director of
the existence of an effective policy of insurance issued by an insurance
company authorized to do business in this state, insuring all agricultural
commodities that may be stored or accepted for storage on the premises,
including commodities owned by the warehouseman, for which such license is
sought for the full market value of such agricultural commodities against loss
by fire, internal explosion, lightning or tornado;
    (2)  That each warehouse be found suitable for the proper storage of the
particular agricultural commodity or commodities for which a license is
requested;
    (3)  A license fee is submitted to the department as prescribed by section
69-211, Idaho Code;
    (4)  A current drawing of the warehouse which shows storage facilities and
the capacity calculations of the warehouse which indicates commodity and seed
crop storage areas, shall be approved by the department;
    (5)  A sufficient and valid bond is filed and maintained as required by
section 69-208, Idaho Code;
    (6)  The applicant shall submit to the department an audited or reviewed
financial statement prepared by an independent certified public accountant or
licensed public accountant showing that the licensee has and does maintain
current assets equal to or greater than current liabilities, a statement of
current assets and current liabilities, and a statement of net worth, all of
which shall be prepared in accordance with generally accepted accounting
principles;
    (7)  For a warehouseman license an applicant shall have and maintain a net
worth of at least fifty thousand dollars ($50,000) or maintain a bond in the
amount of two thousand dollars ($2,000) for each one thousand dollars ($1,000)
or fraction thereof of net worth financial requirement; however, a person
shall not be licensed as a warehouseman if the person has a net worth of less
than twenty-five thousand dollars ($25,000). A bond submitted for purposes of
this subsection shall be in addition to any bond otherwise required under the
provisions of this chapter;
    (8)  The applicant has complied with and abided by all the terms of this
chapter and the rules prescribed hereunder;
    (9)  That all materials required for renewal of a license shall be
received by the department prior to the expiration date of the warehouse
license. A warehouse license which has expired may be reinstated by the
department upon receipt of all necessary licensing materials required by the
provisions of this chapter and a reinstatement fee in the amount of five
hundred dollars ($500), providing that this material is filed within thirty
(30) days from the date of expiration of the warehouse license. At the end of
the thirty (30) day reinstatement period, a warehouse license shall be
terminated by the department. All license applications completed and received
after the thirty (30) day reinstatement period shall be considered original
applications and after the five hundred dollar ($500) reinstatement fee has
been remitted to the department, license fees shall be assessed as original
fees according to section 69-211, Idaho Code.