3.1. No person shall act as a commodity
handler in the state of Colorado without having first obtained a license from
the Department. The annual expiration date for a license is the last day of
December.
3.2. A new applicant must
submit the most recent financial statement available when submitting an
application for a new license. Once licensed, a commodity handler must submit
an annual financial statement within 90 calendar days from the end of the
commodity hander's fiscal year.
3.2.1. A
small-volume commodity handler is exempt from the licensure requirements so
long as they do not enter into credit-sale contracts.
3.3. In addition to the application
requirements set forth in the Act, a commodity handler applicant or licensee,
including a public warehouse, must submit the following information with any
new license application or application for renewal:
3.3.1. The original copy of the surety bond
or irrevocable letter of credit;
3.3.2. An annual report on the status of all
credit sales contracts that are currently open or have been completed or
cancelled within one year from the date of the report. The report must contain
the following information for each credit sales contract:
* Name and contact information of the producer or
owner;
* Contract number;
* Contract dollar amount;
* Date the contract was signed by both parties;
* Date the contract ends;
* Status of the contract: open or closed; and
* Aggregate total of outstanding payments
3.3.3. A financial statement, consisting at a
minimum of a balance sheet and income statement, that is prepared according to
generally accepted accounting principles (GAAP);
3.3.4. A public warehouse must submit
evidence of minimum provisional insurance coverage;
3.3.5. A public warehouse must submit a
schedule of charges with a new license application. An amended schedule of
charges must be submitted to the Department any time a change occurs. The
schedule must contain: rates to be charged for storage, receiving, loadout,
cleaning, drying, and any other charges applicable to the conditioning or
processing of grain delivered to the warehouse. The schedule of charges also
must set forth any minimum charges, shrinks, or time limits applicable to grain
storage accounts.
3.3.6. In
addition to complying with all application requirements set forth in the Act,
an applicant for a public warehouse license must demonstrate the following
conditions before being issued a license:
* The flooring is steel or concrete, except for wooden
elevators and raised aeration floors;
* The sidewalls are rigid and self-supporting;
* The space is immobile;
* There is adequate means of entrance and exit to the storage
space; and
* The space is otherwise capable of maintaining the quantity
and quality of grain stored in it.
Notes
37
CR 13, July 10, 2014, effective 7/30/2014
44
CR 13, July 10, 2021, effective
7/30/2021
44
CR 23, December 10, 2021, effective
12/30/2021
