N.D. Cent. Code § 4.1-59-07

4.1-59-07. Grain buyer license - Financial criteria to be met

1. To be eligible to receive an annual 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 grain buyer 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 to 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 under 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 grain buying business;

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

and handling practices;

(3) Is competent and willing to operate as a grain buyer 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 grain

buyer.