Cessation of business; requirements for return of deposit

Sec. 3.5. (a) A timber buyer who intends to cease doing business as a timber buyer in Indiana and who seeks the return of a deposit of cash or a certificate of deposit that the timber buyer submitted to the department under section 3(b) of this chapter must submit the following to the department: (1) A written request for the return of the cash or certificate of deposit. (2) An affidavit meeting the requirements set forth in subsection (b). (b) To obtain the return of a deposit of cash or a certificate of deposit under this section, a timber buyer must execute an affidavit stating under the penalty for perjury set forth in IC 35-44.1-2-1 that the timber buyer: (1) has ceased doing business as a timber buyer in Indiana; (2) will not resume business as a timber buyer in Indiana after the date of the affidavit without filing a surety bond or submitting a new deposit of cash or certificate of deposit to the department; (3) has not purchased, taken, or cut any timber for which the timber grower has not been paid; and (4) is not a party to an executory contract for the purchase of timber under which the timber buyer has one (1) or more duties that have not been performed. (c) Upon receiving a written request described in subsection (a)(1) and an affidavit meeting the requirements of subsection (b), the department shall publish a notice of the request in at least one (1) publication commonly read by persons active in forestry in Indiana. The notice must do the following: (1) Identify the timber buyer requesting the release of the cash or certificate of deposit. (2) Indicate the date of the request. (3) State that the cash or certificate of deposit will be released to the timber buyer on a particular date, which must be at least sixty (60) days after the date of publication of the notice, unless the department is informed of a reason why the cash or certificate of deposit should not be released. (d) On the date set forth under subsection (c)(3) in the notice given by the department, the department shall return the cash or certificate of deposit to the timber buyer unless the department has obtained information indicating that a statement set forth in the timber buyer's affidavit is false.