1Each grain dealer doing business in the state shall maintain liquid security in an amount equal to the value of grain which he has received from grain producers for which the producers have not received payment, or withdrawn from storage. Liquid security is defined as grain on hand, cash, certificate of deposit, letter of credit or other non-volatile security that can be liquidated in ten days or less and can be assigned as payment for grain for which the producer has not received payment. Each grain dealer shall report to the Department the value of grain he has received from producers for which the producers have not received payment and the types of transaction involved, showing the value of each type of transaction. The report shall also include a statement showing the type and amount of security maintained to cover the grain dealer’s liability to producers. Said report shall be postmarked by not later than the fifteenth (15) day of each month. The report shall cover transactions occurring during the previous month and shall be on a form prescribed by the Department.
