{"data":{"id":"us-ky/krs-251.440","jurisdiction":"us-ky","citation":"KRS 251.440","heading":"Application for license as grain warehouse operator or grain dealer --","body":"Grounds for denial of new license or revocation of existing license -- Notice and\nhearing -- Confidentiality of documents.\n(1) Application for license as a grain warehouse operator or grain dealer shall:\n(a) Set forth the name of the applicant, its principal officer, if a corporation, or the\nactive members of a partnership if a partnership;\n(b) Identify the location or locations of the principal office or place of busines s\nand the locations in this state at which the applicant proposes to engage in this\nbusiness;\n(c) Be accompanied by a bond as set forth in KRS 251.365. The bond shall run to\nthe Commonwealth of Kentucky and be for the benefit of all persons storing\ngrain in the licensee's warehouse or selling grain to the licensee; and\n(d) Be accompanied by a compilation of financial statements issued by a certified\npublic accountant who has stated in writing whether he or she is independent\nfrom ownership and management, o r one (1) of the documents identified in\nKRS 251.370(8), provided, however, a grain dealer license applicant whose\ntotal annual purchases in each of the last three (3) years did not exceed fifty\nthousand (50,000) bushels shall be exempt from the requiremen t set forth in\nthis subsection.\n(2) The department may deny a license to any applicant or revoke the existing license if\nthe applicant or licensee:\n(a) Furnishes false or misleading information or conceals a material fact on the\napplication or other supporting documents;\n(b) Has been convicted of fraud or deceptive practice;\n(c) Is currently adjudicated incompetent by a court of competent jurisdiction;\n(d) Fails to maintain an asset to liability ratio of not less than one to one (1:1) or\nfails to post additional surety to cover the deficiency;\n(e) Violates a provision of this chapter; or\n(f) For other good cause shown.\n(3) Any person denied a license or whose license has been revoked for these reasons\nshall:\n(a) Be given written notice within thirty (30) wor king days of receipt of\napplication or prior to revocation; and\n(b) May request a hearing by writing to the board. Upon request, a hearing shall\nbe conducted in accordance with KRS Chapter 13B.\n(4) The department shall not approve an application for a grain warehouse operator's\nlicense without first verifying that the application meets the requirements of this\nsection.\n(5) The department shall not approve an application for a grain dealer's license w ithout\nfirst verifying that the application meets the requirements of this section.\n(6) The department shall keep confidential, and not disclose to anyone other than the\napplicant or licensee, the documents identified in this section and KRS 251.370.","path":["KRS Chapter 251"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=50446","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:05Z","sha256":"2824deece1dc7e83bac56301782b1e930050a9144d8378d91bf05926af156e9b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-251.430","next":"us-ky/krs-251.450"},"notice":"GroundRules: Original legal text. Not legal advice."}