2005 Idaho Code - 69-258 — COLLECTION AND REMITTANCE OF ASSESSMENTS -- PRINCIPAL AMOUNT HELD IN TRUST -- INTEREST EARNED -- FAILURE TO COLLECT OR REMIT ASSESSMENTS CONSTITUTES A VIOLATION -- INTEREST AND PENALTIES FOR UNPAID ASSESSMENTS

                                  TITLE  69
                                  WAREHOUSES
                                  CHAPTER 2
                             BONDED WAREHOUSE LAW
    69-258.  COLLECTION AND REMITTANCE OF ASSESSMENTS -- PRINCIPAL AMOUNT HELD
IN TRUST -- INTEREST EARNED -- FAILURE TO COLLECT OR REMIT ASSESSMENTS
CONSTITUTES A VIOLATION -- INTEREST AND PENALTIES FOR UNPAID ASSESSMENTS. (1)
The department shall promulgate rules to provide a procedure for the
collection and remittance of the producer's assessments. Any warehouseman or
dealer who owes producers for the sale or transfer of a commodity, or have
stored for withdrawal a commodity, shall be responsible for the collection of
the producer's assessments and the remittance of the assessments collected to
the department.
    (2)  Warehousemen or dealers shall remit to the department assessments
collected according to the provisions of this chapter. Payments will be made
no later than the twentieth day of the month following the close of the
calendar quarter on a form prescribed by the department. There are four (4)
calendar quarters in the year, beginning on the first day of the months of
January, April, July and October. Assessment reports shall be submitted even
though assessments for the period have not been collected. Failure to do so
will result in a penalty of one hundred dollars ($100).
    (3)  The principal amount of assessments paid by, or deducted from,
payments to producers by warehousemen or dealers, are held in trust for the
commodity indemnity fund immediately upon collection by any warehouseman or
dealer and are not property of the warehouseman or dealer.
    (4)  Interest earned on assessments prior to remittance to the department
belongs to the warehouseman or dealer.
    (5)  If a warehouseman or dealer fails to collect or remit assessments as
required, it shall be considered a violation of this chapter and shall subject
the warehouseman or dealer to suspension or revocation of any license issued
to the warehouseman or dealer under the provisions of this chapter.
    (6)  The department shall collect, on assessments unpaid within the time
limits specified in this chapter, interest at the rate of ten percent (10%)
per annum until the assessments are remitted together with a penalty of five
percent (5%) each month on the unpaid assessment due until the maximum penalty
of twenty-five percent (25%) is reached.