ID H0456

Requires applicants for initial seed buyer licenses to submit an audited or reviewed financial statement from an independent certified public accountant or licensed public accountant showing current assets not less than current liabilities, prepared within 12 months prior to application.

Adds definition of "uninsurable peril" to include events for which insurance cannot be purchased or premiums are economically prohibitive, including earthquakes, acts of terrorism, floods, insect and rodent infestation, and mold.

Eliminates indemnity fund assessments on seed crops deposited for service (cleaning, mixing, conditioning, or other services not offered with storage for withdrawal).

Prohibits the director from approving or paying claims based on losses resulting from uninsurable perils, in addition to existing prohibitions on unlicensed transactions, interest, attorney's fees, ancillary costs, and punitive damages.

Makes technical corrections and provides a corrected code reference in Section 22-5104 regarding bonds and letters of credit for seed buyer licenses.