261.260 Surety Bonds.
(1) The owner or operator of any stockyard, any market agency, or livestock dealer who
is required to execute and maintain a surety bond in compliance with standards set <br>out in the Packers and Stockyards Act, 7 U.S.C. secs. 181-229b or regulations <br>promulgated thereto shall forward a copy of the bond to the department.
(2) The owner or operator of any stockyard, market agency, or livestock dealer who is
not required to file a surety bond under requirements in the Packers and Stockyards <br>Act, 7 U.S.C. secs. 181-229b or the regulations promulgated thereto shall file with <br>the department a surety bond issued by a surety company authorized to transact <br>business within the Commonwealth of Kentucky, payable to the Commonwealth <br>with the Commissioner as trustee. The terms, conditions, and amount of the bond <br>shall be determined by administrative regulation.
Effective: July 12, 2006 <br>History: Amended 2006 Ky. Acts ch. 225, sec. 5, effective July 12, 2006. -- Created
1954 Ky. Acts ch. 130, sec. 7, effective June 17, 1954.
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