Collection And Remittance Of Assessments — Principal Amount Held In Trust — Interest Earned — Failure To Collect Or Remit Assessments Constitutes A Violation — Interest And Penalties For Unpaid Assessments

TITLE 69 WAREHOUSES CHAPTER 2 BONDED WAREHOUSE LAW 69-258. Collection and remittance of assessments — Principal amount held in trust — Interest earned — Failure to collect or remit assessments constitutes a violation — Interest and penalties for unpaid assessments. (1) The department shall promulgate rules to provide a procedure for the collection and remittance of the producer’s assessments. Any warehouseman or dealer who owes producers for the sale or transfer of a commodity, or have stored for withdrawal a commodity, shall be responsible for the collection of the producer’s assessments and the remittance of the assessments collected to the department. (2)  Warehousemen or dealers shall remit to the department assessments collected according to the provisions of this chapter. Payments will be made no later than the twentieth day of the month following the close of the calendar quarter on a form prescribed by the department. There are four (4) calendar quarters in the year, beginning on the first day of the months of January, April, July and October. Assessment reports shall be submitted even though assessments for the period have not been collected. Failure to do so will result in a penalty of one hundred dollars ($100). (3)  The principal amount of assessments paid by, or deducted from, payments to producers by warehousemen or dealers, are held in trust for the commodity indemnity fund immediately upon collection by any warehouseman or dealer and are not property of the warehouseman or dealer. (4)  Interest earned on assessments prior to remittance to the department belongs to the warehouseman or dealer. (5)  If a warehouseman or dealer fails to collect or remit assessments as required, it shall be considered a violation of this chapter and shall subject the warehouseman or dealer to suspension or revocation of any license issued to the warehouseman or dealer under the provisions of this chapter. (6)  The department shall collect, on assessments unpaid within the time limits specified in this chapter, interest at the rate of ten percent (10%) per annum until the assessments are remitted together with a penalty of five percent (5%) each month on the unpaid assessment due until the maximum penalty of twenty-five percent (25%) is reached.