302 KAR 34:050. Grain dealer licensing of federal warehouses.

 

      RELATES TO: KRS 251.430, 251.600, 251.630, 251.640, 251.720

      STATUTORY AUTHORITY: KRS 251.700

      NECESSITY, FUNCTION, AND CONFORMITY: To further clarify requirements relating to federal grain warehouses operating in Kentucky in order to insure consistency in operation procedure.

 

      Section 1. Any and all grain warehouses operating in Kentucky which are licensed under the United States Warehouse Act shall be required to:

      (1) Hold a valid license to operate as a grain dealer in Kentucky;

      (2) Post a surety bond as required by KRS 251.720(3); and

      (3) Collect the one-half (1/2) cent per bushel of grain required by KRS 251.640.

 

      Section 2. Exceptions. Any grain warehouse which does not buy grain from producers for resale or milling or processing shall be exempt from the requirements of this administrative regulation. (14 Ky.R. 315; Am. 1746; eff. 2-8-88.)