Relinquishment of license

Sec. 4.7. (a) If a licensee desires to relinquish its license issued under this chapter, the licensee shall submit a written request to the director to relinquish the license. The relinquishment request must include a certification from the licensee that the licensee: (1) has fully satisfied all payment obligations to all producers for any grain purchased by the licensee including any payment obligations under any contract, deferred pricing agreement, deferred payment agreement, or other similar legal instrument; (2) has no outstanding storage obligations to any licensee or person; (3) is not party to any contract, deferred pricing agreement, basis contract, hold-pay agreement, or other similar legal instrument under which grain will be delivered to the licensee; and (4) either does not have receipts in its possession or, if the licensee has receipts in its possession, the receipts are enclosed or will be provided to the director or the director's designated representative to facilitate the recovery of unused receipts under section 30 of this chapter. (b) The relinquishment request must include a list of all known customers of the licensee in the preceding eighteen (18) months and the last known telephone numbers and mailing addresses of each person identified. (c) The agency shall send a notice to each known customer of the licensee from the list provided in subsection (b) for the preceding eighteen (18) months. (d) Before the director may grant the licensee's relinquishment request the agency shall perform a closeout audit of the licensee.