{"data":{"id":"us-ok/okla.-stat.-tit.-2-2-9-132","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 2, § 2-9-132","heading":"License - Bond - Certificate of deposit or money market","body":"account - Nonrenewal or cancellation of bond – Violations -\n\nPenalties.\n\nA. Except as provided by subsection C of this section, no\n\nperson shall operate, conduct, or maintain a livestock auction\n\nmarket unless the person holds a livestock auction market license\n\nissued by the State Board of Agriculture and has:\n\n1. Executed a corporate surety bond pursuant to the provisions\n\nof this section. The bond shall be conditioned upon the prompt and\n\nfaithful accounting for all livestock received, handled, or sold,\n\nand the remittance of the proceeds from any sale, purchase, or\n\nexchange of any livestock to the consignor;\n\n2. Opened a certificate of deposit account or a money market\n\nsavings account. For a certificate of deposit account or a money\n\nmarket savings account to be eligible pursuant to the provisions of\n\nthis section:\n\na. the account shall be opened at a federally insured\n\nfinancial depository,\n\nb. an officer of the financial depository shall\n\nspecifically acknowledge and guarantee the deposit of\n\nthe funds required by subsection B of this section\n\nuntil otherwise released pursuant to this subsection,\n\nc. the person operating, conducting, or maintaining a\n\nlivestock auction market may only withdraw funds\n\ndeposited in a certificate of deposit account or a\n\nmoney market savings account sixty (60) days after\n\nthe person has permanently ceased operations of the\n\nlivestock auction market unless the person presents to\n\nthe financial institution a written authorization for\n\nrelease of funds by the Oklahoma Department of\n\nAgriculture, Food, and Forestry; or\n\n3. Provided other financial instruments allowable for livestock\n\nmarkets by the Federal Packers and Stockyards Act of 1921, as\n\namended.\n\nB. 1. The corporate surety bond or account required by\n\nsubsection A of this section for any person operating, conducting,\n\nor maintaining a livestock auction market shall be in accordance\n\nwith the provisions of the Federal Packers and Stockyards Act of\n\n1921, as amended, but shall not be less than Twenty-five Thousand\n\nDollars ($25,000.00) for any person conducting less than twenty-five\n\nsales in any license year, or no single sale exceeds gross sales of\n\nTwenty-five Thousand Dollars ($25,000.00).\n\n2. For all other sales, the corporate surety bond or account\n\nrequired by subsection A of this section for any person operating,\n\nconducting, or maintaining a livestock auction market that does not\n\nmeet the criteria in paragraph 1 of this subsection shall be in\n\naccordance with the provisions of the Federal Packers and Stockyards\n\nAct of 1921, as amended, but shall not be less than Fifty Thousand\n\nDollars ($50,000.00) unless the Department approves a lesser amount\n\npursuant to rules promulgated by the State Board of Agriculture.\n\nC. The corporate surety bond or account required by subsection\n\nA of this section shall not be required of any person who has\n\nexecuted and maintained a corporate surety bond or account pursuant\n\nto the provisions of subsection B of this section to secure the\n\nperformance of obligations under the provisions of the Federal\n\nPackers and Stockyards Act of 1921, as amended.\n\nD. The Commissioner of Agriculture is authorized to be\n\ndesignated as trustee for any corporate surety bond, certificate of\n\ndeposit account, money market savings account, or any other\n\nfinancial instruments allowable for livestock markets by the Federal\n\nPackers and Stockyards Act of 1921, as amended.\n\nE. 1. Any corporate surety company issuing a bond to any\n\nperson as specified by subsection A or C of this section for\n\noperating, conducting, or maintaining a livestock auction market\n\nshall notify the Board in writing not less than thirty (30) days\n\nprior to the cancellation or nonrenewal of the bond.\n\n2. The Board shall provide for the publication of notice to the\n\npublic of the nonrenewal or cancellation of the bond for a livestock\ning a bond to any\n\nperson as specified by subsection A or C of this section for\n\noperating, conducting, or maintaining a livestock auction market\n\nshall notify the Board in writing not less than thirty (30) days\n\nprior to the cancellation or nonrenewal of the bond.\n\n2. The Board shall provide for the publication of notice to the\n\npublic of the nonrenewal or cancellation of the bond for a livestock\n\nauction market upon any notification that the bond of the livestock\n\nauction market has been nonrenewed or canceled and no new bond has\n\nbeen obtained.\n\n3. No person shall knowingly operate, conduct, or maintain a\n\nlivestock auction market without having a bond as specified by this\n\nsection. Any person convicted of violating the provisions of this\n\nparagraph shall be guilty of a Class D3 felony offense and shall be\n\npunished by imprisonment as provided for in subsections B through F\n\nof Section 20P of Title 21 of the Oklahoma Statutes.\n\nF. All records relating to the prompt and faithful accounting\n\nfor all livestock received, handled, or sold and the remittance of\n\nthe proceeds from any sale, purchase, or exchange of any livestock\n\nto the consignor shall be in accordance with the provisions of the\n\nFederal Packers and Stockyards Act of 1921, as amended. The Board\n\nshall audit such records at least once a year. Any violation of the\n\nstandards of the Federal Packers and Stockyards Act may result in\n\nthe suspension of the livestock auction market license.\n\nG. Except as provided by this section, any person found to be\n\nin violation of the provisions of this section, upon conviction,\n\nshall be guilty of a misdemeanor.","path":["OK Code","Title 2"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os2.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"a853f9645e4ce5101b12c17064a704ab6e3d185f6601a70dcda675d1a66f2d99","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-2-2-9-131","next":"us-ok/okla.-stat.-tit.-2-2-9-132.1"},"notice":"GroundRules: Original legal text. Not legal advice."}