Necessity of surety bond. No person shall operate as a hemp processor without first having secured a surety bond pursuant to this section. The commissioner shall promulgate rules and regulations as necessary to require hemp processors to secure a surety bond. A hemp processor may file with the department, in lieu of a surety bond, a certificate of deposit or irrevocable letter of credit from any bank or banking corporation insured by the Federal Deposit Insurance Corporation. Rules and regulations required for certificates of deposit and irrevocable letters of credit shall be promulgated by the commissioner.Added by Laws, 2020, ch. 413, SB 2725,§ 11, eff. 6/29/2020.
Mississippi Legal Code