§ 3.1-722.10. (Repealed effective October 1, 2008) Refusal or revocation of license
A. The Commissioner may refuse to grant a license, delay the issuance of a license or may revoke or suspend any license already granted when he is satisfied as to the existence of any of the following causes:
1. The dealer has suffered a money judgment to be entered against him upon which execution has been returned unsatisfied;
2. The dealer has failed to promptly and properly account or to promptly and properly pay for agricultural products;
3. The dealer has made a false or misleading statement as to market conditions or the service rendered;
4. The dealer has perpetrated a fraud or engaged in deceit in procuring the license;
5. The dealer has engaged in any fraudulent or deceitful practices in his dealings with producers; or
6. The dealer has failed to comply with any provisions of this chapter or any rules and regulations adopted by the Board.
B. For the purposes of this section the following terms shall mean as follows:
1. "Promptly and properly account," except when otherwise specifically agreed upon in writing by the parties, means rendering to the principal a true and correct accounting:
(i) In connection with buying brokerage transactions, within twenty-four hours after the date of delivery of the agricultural products to their first destination;
(ii) In connection with consignment or joint account transactions, within ten days after the date of final sale with respect to each shipment. However, if a grower's agent, while conducting a grower's agent transaction, or a shipper distributes individual lots of produce for or on behalf of others, his accounting shall be made within five days after the date he is paid by the purchaser or receives the accounting on consigned or joint account transactions. If a grower's agent, while conducting a grower's agent transaction, or shipper harvests, packs, or distributes entire crops or multiple lots therefrom for or on behalf of others, he shall make accountings within seven days following shipment by the dealer. Nothing in this section shall prohibit cooperative associations from accounting to their members on the basis of seasonal pools or other arrangements provided by their regulations or bylaws; and
(iii) In connection with a consignment or joint account transaction, within ten days after the date of receipt of payment of a carrier claim filed.
2. "Promptly and properly pay" shall mean payment within thirty days of the receipt of the products by the dealer, unless a written agreement signed by both parties expressly provides or permits otherwise. In the case of joint transactions, if the product sells at or for less than the agreed price, the dealer pays the agreed price to the grower. If the product sells for more than the agreed price, the dealer shall pay to the grower one-half of the difference between the sale price and the agreed price.
(1968, c. 598; 1972, c. 646; 1980, c. 277; 1994, c. 340.)
Sections: Previous 3.1-722.5 3.1-722.5:1 3.1-722.6 3.1-722.6:1 3.1-722.7 3.1-722.8 3.1-722.9 3.1-722.10 3.1-722.11 3.1-722.12 3.1-722.13 3.1-722.14 3.1-722.15 3.1-722.16 3.1-722.17 NextLast modified: April 2, 2009