Kentucky Grain Warehouse and Grain Dealer Bonds
This bill will revise the bond requirements for grain warehousemen and grain dealers. Under current law a surety bond is required in the amount that is no less than twenty-five cents per bushel of the total maximum bushel capacity of the warehouse or $10,000, whichever may be greater. Under the new bill the alternative minimum amount will be increased from $10,000 to $25,000. The bond amount will be capped at no more than $1 million. The new law will also cap the bond amount that the dealer paid to producers for grain purchased from them during the dealer’s last completed fiscal year. This bill will cap the amount at no more than $1 million.
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