SB1111 - Missouri - SB1111 - Modifies license requirements for grain dealers and public grain warehouses

SB 1111 - Under current law, the financial statements required to accompany an application for a grain dealer license must be audited or reviewed by a certified public accountant. This act retains this requirement for Class I grain dealer licenses but modifies the requirement for all other license classes so that, instead, the financial statement must be prepared by a qualified accountant. Currently, the surety bond amount required of a licensed grain dealer shall be established by the director of the Department of Agriculture and shall not be less than $20,000 nor more than $300,000. The act removes the provision requiring the director to establish the bond amount and raises the minimum to $50,000 and the maximum to $500,000. The formula for determining the surety bond amount currently requires the amount not to be less than 1%, nor greater than 5%, of the aggregate dollar amount paid for certain grain the previous fiscal year. The act increases the minimum to 2% and removes the [...]

show full description