                                 CODE OF VIRGINIA

GROUNDS FOR REFUSAL OR REVOCATION OF LICENSE (§ 3.2-4760)

The Commissioner may refuse to grant or renew any license, or revoke any license
if he finds that the grain dealer:

1. Has not satisfied a final money judgment entered against him;

2. Has failed to promptly and properly account and pay for in full within 10
calendar days of the receipt of the grain from the producer, unless a written
agreement signed by both parties expressly provides or permits otherwise. The
prompt and proper accounting of and payment for grain shall include the
following:
			a. Any grain dealer who purchases grain from a producer shall deliver to the
producer or his duly authorized representative the full amount of the purchase
price, within the time specified in this subdivision. Payment shall occur either
by transferring a check in the full amount to the producer or his authorized
agent at the point of transfer of possession, wiring transfer funds to the
producer&#8217;s account for the full purchase price, or by depositing a check
in the United States mail for the full amount properly addressed to the producer
and in an envelope postmarked within the time specified in this section.
			b. Any grain dealer who sells grain deposited in his grain storage facility
by a producer shall promptly notify the producer or his duly authorized
representative of the sale, and shall deliver to the producer or his authorized
representative the full amount of the purchase price within the time specified
in this subdivision. The time limit may be extended for good cause and with the
written consent of the depositor. Nonpayment by the purchaser shall not
constitute &#8220;good cause&#8221; under this section.
			c. Any grain dealer who enters into a deferred payment, price later, or
contract transaction with a producer shall have the transaction in writing and
signed by both parties and shall deliver a copy of the transaction to the
producer or his duly authorized representative. Upon conclusion of the written
agreement transaction, the dealer shall deliver to the producer or his
authorized representative the full amount of the purchase price within the time
specified in this subdivision;

3. Has failed to maintain business records of his grain transactions as
required;

4. Has failed to post current discounts where they can readily be reviewed by
the producer or his representative;

5. Upon the request of the producer or his representative, has failed to notify
the producer or his representative at the time of delivery of all discounts and
deductions applied;

6. Has failed to file annually with the Commissioner the discount schedules for
each grain purchased, including the effective date of the purchase, or has
failed to make available upon request of the Commissioner during normal business
hours any changes in the discount schedules that have been filed;

7. Has engaged in fraudulent or deceptive practices in the transaction of his
business as a dealer;

8. Has failed to state on producers receipts the type of grain transactions that
shall include storage, grain bank, grain exchange, price later, deferred
payment, and contract;

9. Has failed to maintain a bond or letter of credit as required; or

10. Has violated any regulation adopted by the Board.

HISTORY: 1972, c. 296, § 3.1-722.24; 1975, c. 85; 1982, c. 187; 2008, c. 860.