N.D. Cent. Code § 4.1-58-07

4.1-58-07. Public warehouse license - Financial criteria to be met

1. To be eligible to receive an annual public warehouse license, an applicant shall submit

financial documentation to the commissioner verifying the applicant has satisfactory

net worth and working capital, as determined by the commissioner.

2. A licensed public warehouseman or an applicant for initial licensure shall report

balance sheets and income statements to the commissioner annually on written

application for initial licensure or license renewal if the applicant purchased up to

ten million dollars worth of grain during the previous licensing period, or intends to

purchase up to ten million dollars worth of grain during the first year of operation.

3. As a condition of licensure, an applicant shall provide the commissioner, upon request,

any financial record or bank verification release the commissioner deems relevant for

the purpose of verifying the financial information of an applicant pursuant to the

requirements of this section.

4. As a condition of licensure, a new applicant must:

a. Pass a background check;

b. Have a satisfactory credit score, as determined by the commissioner; and

c. Be a responsible person with a good business reputation, as determined by the

commissioner, that:

(1) Is in the public warehouse business;

(2) Has knowledge of, and experience with, generally accepted grain

warehousing and handling practices;

(3) Is competent and willing to operate a public warehouse in accordance with

state and federal regulations; and

(4) Has not committed fraud or a criminal offense indicating a lack of business

integrity or honesty that undermines the person's responsibility as a

warehouse operator.