1998 Minnesota Statutes

     231.17 Bonds of warehouse operators. 

    Every warehouse operator applying for and receiving a 
 license from the department, as provided for in this chapter, 
 shall file with the department, acceptable to the department, a 
 surety bond to the state of Minnesota.  Such bonds shall be in 
 an amount to be determined by the department as reasonable for 
 the applicant but shall not be less than $10,000.  

    The commissioner shall, after a study of the existing 
 bonding structure and after consultation with the warehousing 
 industry, adopt rules for bonding.  The rules must be adopted by 
 April 1, 1994. 

    The bond shall be conditioned for the faithful discharge of 
 all duties as a warehouse operator operating under this chapter, 
 and full compliance with the laws of the state and rules and 
 orders of the department relative thereto.  Failure to maintain 
 the bond as required shall void the license.  

    The bond must be continuous until canceled.  To cancel a 
 bond, the surety must provide 90 days' written notice of the 
 bond's termination date to the licensee and the department. 

    In lieu of the bond required by this section, the applicant 
 may deposit with the state treasurer cash; a certified check; a 
 cashier's check; a postal, bank, or express money order; 
 assignable bonds or notes of the United States; or an assignment 
 of bank savings account or investment certificate or an 
 irrevocable bank letter of credit as defined in section 
 336.5-103, in the same amount as would be required for a bond. 

    HIST: (5190) 1915 c 210 s 19; 1927 c 360 s 1; 1971 c 25 s 67; 
 1971 c 75 s 1; 1985 c 248 s 70; 1986 c 444; 1993 c 212 s 6