8 CCR 1202-11 Part 4 - Initial and Renewal License Application Requirements and Documentation for a Farm Product Dealer (Includes Cash Buyer, and Small-Volume Dealer)

4.1. No person shall act as a farm product dealer 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.

4.2. In addition to the application requirements set forth in the Act, a farm products dealer applicant or licensee must submit the following information with any new license application or application for renewal:

4.2.1. The original copy of the surety bond or irrevocable letter of credit. This requirement is not applicable to a cash buyer or small volume dealer; and

4.2.2. A signed Cash Buyer Bond Declaration for any applicant or licensee applying to be a cash buyer.

4.3. A farm product dealer who enters into credit sales contracts must submit the following additional documentation with any new license application or application for renewal:

4.3.1. A financial statement consisting, at a minimum of a balance sheet and income statement that are prepared according to generally accepted accounting principles (GAAP);

4.3.2. A new applicant must submit the most recent financial statement available when submitting an application for a new license. Once licensed, a farm products dealer must submit an annual financial statement within 90 calendar days from the end of the farm products dealer fiscal year;

4.3.3. An annual report on the status of all credit-sale 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-sale 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.

Notes

8 CCR 1202-11 Part 4

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