8 CCR 1202-11 Part 10 - Financial Assurance Requirements
A commodity handler and farm products dealer must maintain acceptable financial assurances as defined by the Commissioner in Part 2.8.
10.1. A commodity handler and
farm product dealer who offers credit-sale contracts must:
10.1.1. Submit a financial statement within
ninety (90) calendar days after fiscal year end that conforms to the applicable
requirements of sections
35-36-204(1)(b)
and 35-36-307(3),
C.R.S.
10.1.2. The Department may
grant an extension of no more than sixty (60) calendar days, if requested in
writing by a licensee or applicant prior to the date the financial statement is
due.
10.1.3. The financial
statement must consist of the following documents prepared in accordance with
generally accepted accounting principles (GAAP):
* A balance sheet;
* A statement of income; and
* Financial statement notes, if any.
10.1.4. If the financial statement is
restated, recalculated, or republished, the licensee must notify the Department
in writing within seven (7) calendar days.
10.2. Commodity Handler-Public Warehouse
10.2.1. In addition to the requirements in
Part 10.1 of this rule, a public warehouse must also have and maintain a total
allowable net worth of at least the amount obtained by multiplying $0.25 by the
approved warehouse storage capacity in bushels or by multiplying $1.25
warehouse dry bean storage capacity in hundredweight.
10.2.2. An Additional bond may be required if
a public warehouse net worth falls below $0.25/bu. of grain storage capacity
and/or $1.25/cwt bean storage capacity.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.