{"data":{"id":"us-mi/mich.-comp.-laws-290.458","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 290.458","heading":"Irrevocable letter of credit or surety bond required; exemptions; falsification of application, statement, or record.","body":"Sec. 8.\n\nAn applicant for a wholesale potato dealer license shall file with the application or have on file with the director an irrevocable letter of credit issued by a financial institution on a form provided by the director providing that funds be made available against a sight draft drawn by the director in the manner described in section 9 or file or have on file a surety bond in favor of the director on a form provided by the director and executed by a surety company registered in this state. The bond shall be conditioned for all of the following:\n\nObservance of laws relating to the carrying on of the business of a wholesale potato dealer.\n\nPayment when due of the purchase price of potatoes purchased by the wholesale potato dealer.\n\nPrompt settlement and payment of claims and charges due to this state for services rendered.\n\nPrompt reporting of sales to persons consigning potatoes to the licensee for sale on commission.\n\nPrompt payment to persons entitled to payment of the proceeds of sales, less lawful charges, disbursements, and commissions.\n\nThe director shall not require a grower cooperative to furnish a bond or an irrevocable letter of credit for potatoes bought, sold, handled, or stored by the grower cooperative on behalf of its members. The grower cooperative shall furnish a bond or irrevocable letter of credit for potatoes bought, sold, handled, or stored on behalf of its nonmembers.\n\nAn applicant for a wholesale potato dealer license shall not falsify an application, statement, or record required under this act.\n\nA wholesale potato dealer who buys an aggregate amount of less than 30,000 pounds of potatoes during each calendar month of a calendar year is exempt from this section and section 9 for the following calendar year.","path":["MI Code","Chapter 290","Act Act-158-of-1964"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-290-458","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"081e25103ee2b3f77ad25b125f511a119b32f37fc83eca62ab3a8f49c21ea621","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-290.457","next":"us-mi/mich.-comp.-laws-290.459"},"notice":"GroundRules: Original legal text. Not legal advice."}