SDCL § 49-45-6: Supervision of grain buyers--Promulgation of rules.

The commission shall supervise the business of grain buyers in this state and administer the laws in relation thereto. The commission may promulgate rules, pursuant to chapter 1-26, concerning:

(1) The form of a grain buyer's bond and application and the information required to be included for licensing;

(2) Requirements for posting grain buyer's licenses;

(3) Notice requirements to sellers who enter into voluntary credit sale agreements;

(4) Requirements for filing financial statements with the commission and the financial standards by which the statements are approved when considering whether to license a grain buyer;

(5) Requirements for grain buyers to provide information to sellers regarding the statutes and rules relating to grain buyers;

(6) Requirements and procedures for releasing bonds; and

(7) Procedures and requirements for license suspension, revocation, transfer of ownership, or insolvency by a grain buyer.