Kentucky Revised Statutes Title XXI. Agriculture and Animals § 251.440.Application for license as grain warehouse operator or grain dealer; grounds for denial of new license or revocation of existing license; notice and hearing; confidentiality of documents

(a) Set forth the name of the applicant, its principal officer, if a corporation, or the active members of a partnership if a partnership;

(b) Identify the location or locations of the principal office or place of business and the locations in this state at which the applicant proposes to engage in this business;

(c) Be accompanied by a bond as set forth in KRS 251.365. The bond shall run to the Commonwealth of Kentucky and be for the benefit of all persons storing grain in the licensee's warehouse or selling grain to the licensee; and

(d) Be accompanied by a compilation of financial statements issued by a certified public accountant who has stated in writing whether he or she is independent from ownership and management, or one (1) of the documents identified in KRS 251.370(8), provided, however, a grain dealer license applicant whose total annual purchases in each of the last three (3) years did not exceed fifty thousand (50,000) bushels shall be exempt from the requirement set forth in this subsection.

(a) Furnishes false or misleading information or conceals a material fact on the application or other supporting documents;

(b) Has been convicted of fraud or deceptive practice;

(c) Is currently adjudicated incompetent by a court of competent jurisdiction;

(d) Fails to maintain an asset to liability ratio of not less than one to one (1:1) or fails to post additional surety to cover the deficiency;

(e) Violates a provision of this chapter; or

(f) For other good cause shown.

(a) Be given written notice within thirty (30) working days of receipt of application or prior to revocation; and

(b) May request a hearing by writing to the board. Upon request, a hearing shall be conducted in accordance with KRS Chapter 13B.