(a) No person shall engage in business as a commodity dealer or warehouseman in the state of Tennessee without a license therefor issued by the department.
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Terms Used In Tennessee Code 43-32-105

  • Commissioner: means the commissioner of agriculture, or the commissioner's designated representatives. See Tennessee Code 43-32-102
  • Commodity: means grain. See Tennessee Code 43-32-102
  • Commodity dealer: means any person engaged in the business of buying commodities from producers thereof for resale or for milling or processing. See Tennessee Code 43-32-102
  • Department: means the Tennessee department of agriculture. See Tennessee Code 43-32-102
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Grain: means corn, wheat, oats, rye, soybeans, rape seed, canola and grain sorghums. See Tennessee Code 43-32-102
  • Incidental commodity dealer: means any commodities dealer who purchases commodities from producers and whose total purchases of commodities during any fiscal year do not exceed one hundred thousand dollars ($100,000). See Tennessee Code 43-32-102
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Person: includes an individual, corporation, partnership and all associations of two (2) or more persons having a joint or common interest. See Tennessee Code 43-32-102
  • Representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(b) Application for a license to engage in business as a commodity dealer or warehouseman shall be filed with the department and shall contain information and be in a form as prescribed by the department by lawfully promulgated rule.
(c) The application for an initial license may be filed at any time prior to beginning business as a commodity dealer or warehouseman. However, the license shall terminate ninety (90) days after the close of the commodity dealer’s or warehouseman’s fiscal year.
(d) The application for a renewal of a license shall be filed with the department annually within ninety (90) days after the close of the commodity dealer’s or warehouseman’s last completed fiscal year or within such further time, not exceeding sixty (60) days, as the department, upon application, may allow.
(e) For all commodity dealer or warehouseman licenses, with the exception of incidental commodity dealers, nonsecured, the application shall be accompanied by a financial statement setting forth information as prescribed by the commissioner by lawfully promulgated rule.
(f) The application for a license to operate as a commodity dealer or warehouseman, as defined in this chapter, or a renewal thereof, shall be accompanied by a filing fee of one hundred fifty dollars ($150). The application for a license to operate as an incidental commodity dealer as defined in this chapter, or a renewal thereof, shall be accompanied by a filing fee of fifty dollars ($50.00).
(g) The license or renewal thereof issued by the department under this section shall be posted in the principal office of the licensee in this state. A certificate shall be posted in each location listed on a licensee’s application where the licensee engages in the business of buying or storing commodities. In the case of a licensee operating a truck or tractor trailer unit, the licensee is required to have a certificate that the license is in effect, and that a bond or certificate of deposit has been filed, carried in each truck or tractor trailer unit used in connection with the purchase of commodities from producers. Upon request of a licensee and payment of the fee therefor, the department shall issue to the licensee a certificate that a license has been issued or renewed and a bond filed as required by this chapter.
(h) The license issued to an incidental commodity dealer, nonsecured shall clearly state: “Producers are not eligible to receive indemnification from the Tennessee grain indemnity fund if payment is not made for commodities delivered to this dealer.” Additionally, this statement shall also be posted adjacent to the license issued to the dealer in the location required by this part. The notice shall be in print no smaller than two inches (2″) in letter height. This statement shall also be placed on the receipt or scale ticket issued to the seller, with a place for the seller’s signature provided on each receipt or scale ticket. The signature of the seller or the seller’s representative shall be affixed to each receipt or scale ticket.
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