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ND Grain Dealers Association January 20, 2014

ND Grain Dealers Association January 20, 2014. License Types State Grain Warehouse - 176 firms with 285 locations Federal Warehouse (facility based grain buyer) - 20 firms with 113 locations Roving Grain Buyer - 77 licensees. Grain Warehouse Exam Procedure Grain Inventory

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ND Grain Dealers Association January 20, 2014

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  1. ND Grain Dealers AssociationJanuary 20, 2014

  2. License Types State Grain Warehouse - 176 firms with 285 locations Federal Warehouse (facility based grain buyer) - 20 firms with 113 locations Roving Grain Buyer - 77 licensees

  3. Grain Warehouse Exam Procedure Grain Inventory - Must cover storage obligations Licensed Space - Has capacity changed? - Does bond need to be changed?

  4. Grain Warehouse Exam Procedure • Warehouse Documents • - contracts • - payables • - storage lists • - document check

  5. Grain Warehouse Exam Procedures • General Observations • Required Items to Post • Warehouse Condition FAIL FAIL

  6. Memorandum of Adjustment • Conditions to correct • Most common are: Unsigned credit-sale contracts Failure to convert scale tickets

  7. Out of Compliance • What’s the Big Deal?

  8. 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

  9. 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

  10. No one can or should protect your $$$ like you can

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