Title 4, Chapter 6, Section 49.1
(a) No license shall be issued to or allowed to be maintained by any
sales establishment or dealer if:
(1) Any beneficial interest in the business of the sales
establishment or dealer is directly or indirectly owned by a
(2) Any defaulter is employed in a management position by the
sales establishment or dealer.
(b) As used in this Code section, the term "defaulter" means any
person who has within the past five years been employed in a
managerial position by or owned any beneficial interest in the
business of a sales establishment or dealer which business has
ceased operations without satisfying all liabilities of the business
either from assets of the business or from any bond or bonds.
(c) The Commissioner shall have full authority to require disclosure
from licensees and applicants of information sufficient to determine
whether the licensee or applicant is qualified to be licensed under
this Code section. The Commissioner shall have full authority to
examine the records and accounts of all licensees in order to
determine whether any proceeds of the business are being paid to any
(d) This Code section shall not prohibit the Commissioner from
allowing a defaulter to operate as a dealer who purchases livestock
for cash only.
(e) All applicants for licensure shall submit to the Commissioner a
current financial statement; and all licensees shall submit a
current financial statement annually.