Okla. Stat. tit. 2, § 2-9-132

account - Nonrenewal or cancellation of bond – Violations -

Penalties.

A. Except as provided by subsection C of this section, no

person shall operate, conduct, or maintain a livestock auction

market unless the person holds a livestock auction market license

issued by the State Board of Agriculture and has:

1. Executed a corporate surety bond pursuant to the provisions

of this section. The bond shall be conditioned upon the prompt and

faithful accounting for all livestock received, handled, or sold,

and the remittance of the proceeds from any sale, purchase, or

exchange of any livestock to the consignor;

2. Opened a certificate of deposit account or a money market

savings account. For a certificate of deposit account or a money

market savings account to be eligible pursuant to the provisions of

this section:

a. the account shall be opened at a federally insured

financial depository,

b. an officer of the financial depository shall

specifically acknowledge and guarantee the deposit of

the funds required by subsection B of this section

until otherwise released pursuant to this subsection,

c. the person operating, conducting, or maintaining a

livestock auction market may only withdraw funds

deposited in a certificate of deposit account or a

money market savings account sixty (60) days after

the person has permanently ceased operations of the

livestock auction market unless the person presents to

the financial institution a written authorization for

release of funds by the Oklahoma Department of

Agriculture, Food, and Forestry; or

3. Provided other financial instruments allowable for livestock

markets by the Federal Packers and Stockyards Act of 1921, as

amended.

B. 1. The corporate surety bond or account required by

subsection A of this section for any person operating, conducting,

or maintaining a livestock auction market shall be in accordance

with the provisions of the Federal Packers and Stockyards Act of

1921, as amended, but shall not be less than Twenty-five Thousand

Dollars ($25,000.00) for any person conducting less than twenty-five

sales in any license year, or no single sale exceeds gross sales of

Twenty-five Thousand Dollars ($25,000.00).

Oklahoma Statutes - Title 2. Agriculture Page 447

2. For all other sales, the corporate surety bond or account

required by subsection A of this section for any person operating,

conducting, or maintaining a livestock auction market that does not

meet the criteria in paragraph 1 of this subsection shall be in

accordance with the provisions of the Federal Packers and Stockyards

Act of 1921, as amended, but shall not be less than Fifty Thousand

Dollars ($50,000.00) unless the Department approves a lesser amount

pursuant to rules promulgated by the State Board of Agriculture.

C. The corporate surety bond or account required by subsection

A of this section shall not be required of any person who has

executed and maintained a corporate surety bond or account pursuant

to the provisions of subsection B of this section to secure the

performance of obligations under the provisions of the Federal

Packers and Stockyards Act of 1921, as amended.

D. The Commissioner of Agriculture is authorized to be

designated as trustee for any corporate surety bond, certificate of

deposit account, money market savings account, or any other

financial instruments allowable for livestock markets by the Federal

Packers and Stockyards Act of 1921, as amended.

E. 1. Any corporate surety company issuing a bond to any

person as specified by subsection A or C of this section for

operating, conducting, or maintaining a livestock auction market

shall notify the Board in writing not less than thirty (30) days

prior to the cancellation or nonrenewal of the bond.

2. The Board shall provide for the publication of notice to the

public of the nonrenewal or cancellation of the bond for a livestock
ing a bond to any

person as specified by subsection A or C of this section for

operating, conducting, or maintaining a livestock auction market

shall notify the Board in writing not less than thirty (30) days

prior to the cancellation or nonrenewal of the bond.

2. The Board shall provide for the publication of notice to the

public of the nonrenewal or cancellation of the bond for a livestock

auction market upon any notification that the bond of the livestock

auction market has been nonrenewed or canceled and no new bond has

been obtained.

3. No person shall knowingly operate, conduct, or maintain a

livestock auction market without having a bond as specified by this

section. Any person convicted of violating the provisions of this

paragraph shall be guilty of a Class D3 felony offense and shall be

punished by imprisonment as provided for in subsections B through F

of Section 20P of Title 21 of the Oklahoma Statutes.

F. All records relating to the prompt and faithful accounting

for all livestock received, handled, or sold and the remittance of

the proceeds from any sale, purchase, or exchange of any livestock

to the consignor shall be in accordance with the provisions of the

Federal Packers and Stockyards Act of 1921, as amended. The Board

shall audit such records at least once a year. Any violation of the

standards of the Federal Packers and Stockyards Act may result in

the suspension of the livestock auction market license.

G. Except as provided by this section, any person found to be

in violation of the provisions of this section, upon conviction,

shall be guilty of a misdemeanor.

Oklahoma Statutes - Title 2. Agriculture Page 448