2005 Idaho Code - 69-260 — FINANCIAL DIFFICULTIES -- ADDITIONAL BOND OR SECURITY REQUIRED

                                  TITLE  69
                                  WAREHOUSES
                                  CHAPTER 2
                             BONDED WAREHOUSE LAW
    69-260.  FINANCIAL DIFFICULTIES -- ADDITIONAL BOND OR SECURITY REQUIRED.
The department may, when it has reason to believe that a licensee does not
have the ability to pay producers for commodities purchased, or when it
determines that the licensee does not have a sufficient net worth to
outstanding financial obligations ratio, require from the licensee the posting
of a bond or other additional security in an amount to be prescribed by rule.
The additional security may exceed the maximum amount set forth in this
chapter. Failure of the licensee to timely post the additional bond or other
security constitutes grounds for suspension or revocation of a license issued
under this chapter. The licensee may request a hearing regarding the decision
to increase the amount of security required or the revocation or suspension of
a license pursuant to this section and may appeal such decisions pursuant to
the procedure set out in section 69-246, Idaho Code.