R58-7-7. Satellite Video Livestock Auction Market

  1. Before entering into business as or with a satellite video livestock auction market and annually, on or before January 1, each market or representative shall file an application for a license to transact business as or with a satellite video livestock auction market with the commissioner on a form prescribed by the commissioner. The application must show:

  a. the nature of the business for which a license is desired;

  b. the name of the representative applying for the license;

  c. the name and address of the proposed satellite video auction or the name and address of the satellite video auction the representative proposes to transact business with; and

  d. other information the commissioner may require as listed in Subsection 4-7-106.

  2. The application for a license or for a renewal for a license must be accompanied by:

  a. a license fee in accordance with Section 4-30-105, determined by the department pursuant to Subsection 4-2-103(2).

  b. evidence of proper security bonding as required in Subsection 4-30-105(3) for the satellite video auction and Section 4-7-107 for the representative.

  c. a schedule of fees and commissions that will be charged to owners, sellers, or their agents; and

  d. other information the commissioner may require as listed in Section 4-7-106.

  3. Each satellite video auction will be considered as a temporary livestock sale unless licensed under this chapter as a satellite video auction market. Sales operated by a representative will be required to make application as designated in R58-7-4.

  4. A copy of each and any contract between the representative and the satellite video auction market with which the representative proposes to transact business or a contract with the proposed satellite video auction market must be supplied to the department.

  The contract must include a provision authorizing the commissioner or the commissioners designee to have access to the books, papers, accounts, financial records held by financial institutions, accountants or other sources; and other documents relating to the activities of the satellite video livestock market and requiring the satellite video auction market to make such documents reasonably available upon the request of the commissioner or the commissioners designee. If the contract between a representative and the satellite video auction market is terminated, rescinded, breached, or materially altered, the representative and the satellite video auction market shall immediately notify the commissioner. Failure to notify will be deemed failure to keep and maintain suitable records and be deemed to be a false entry or statement of fact in application filed with the department. (Section 4-7-201.)