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ND Grain Dealers AssociationJanuary 20, 2014
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License TypesState Grain Warehouse
- 176 firms with 285 locationsFederal Warehouse (facility based grain buyer)
- 20 firms with 113 locationsRoving Grain Buyer
- 77 licensees
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Grain Warehouse Exam Procedure
Grain Inventory - Must cover storage obligations
Licensed Space - Has capacity changed?
- Does bond need to be changed?
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Grain Warehouse Exam Procedure
◦Warehouse Documents◦ - contracts◦ - payables◦ - storage lists◦ - document check
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FAIL FAIL
Grain Warehouse Exam Procedures
◦General Observations
Required Items to Post
Warehouse Condition
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Memorandum of Adjustment
◦Conditions to correct
Most common are:
Unsigned credit-sale contracts
Failure to convert scale tickets
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Out of Compliance
◦What’s the Big Deal?
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Duties and Powers of Commission
◦Exercise general supervision◦Investigate all complaints◦Examine & inspect licensed warehouses◦Requires filing of reports pertaining to
warehouse operations◦Make all proper rules for carrying out &
enforcing all public warehouse laws
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In Summary
The purpose of the Licensing Division of the PSC is to ensure licensees obey the rules, treat everyone fairly, & disperse equity in case of insolvency
A PSC exam does not guarantee that a warehouse is solvent
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No one can or should protect your $$$ like you can