| In order to insure the licensee's financial responsibility and |
to protect potato and rotation crop producers, the commissioner |
shall require the licensee to file a bond as a prerequisite to |
the issuance of a license.__The bond must be in a form and amount |
satisfactory to the commissioner, but not less than $50,000 nor |
more than $300,000 in the case of dealers and brokers engaged in |
buying or selling either potatoes or rotation crops, but not |
both, not less than $50,000 nor more than $400,000 in the case of |
dealers and brokers engaged in buying and selling both potatoes |
and rotation crops, or not less than $100,000 nor more than |
$500,000 in the case of processors, payable to the commissioner |
in the commissioner's official capacity and conditioned on the |
full and prompt payment for all potatoes or rotation crops |
received or purchased from producers or other licensees during |
the effective period of the license. In the case of processors, |
the amount of bond required must be based on the licensee's |
anticipated monthly volume of purchases, but may be adjusted to |
reflect other federal escrow accounts or bond requirements met by |
the licensee that satisfy the purposes of this section. |