House Bill 188 Summary

• Requires seed buyers to obtain annual licenses from the department and prominently display the license at each place of business, with a seed facility endorsement showing all Idaho facility locations attached to the license.

• Increases the financial reporting timeline requirement from twelve (12) months to ninety (90) days prior to license application for initial audited or reviewed financial statements prepared by independent certified public accountants.

• Establishes a minimum net worth requirement of $50,000 for seed buyer licensees, with a minimum bond of $2,000 per $1,000 of net worth, and prohibits licensure for applicants with net worth below $25,000.

• Requires all licensees to annually file reviewed financial statements prepared by independent certified public accountants or licensed public accountants within ninety (90) days of December 31 or fiscal year-end, including current assets, liabilities, and net worth information.

• Allows license reinstatement within thirty (30) days of expiration upon submission of required materials and payment of a reinstatement fee up to $1,000.