As used in this chapter, the following terms have the following meanings:
(1) “Board” means the state brand board created in chapter 11, title 25, Idaho Code.
(2) “Bond equivalent” means a letter of credit or trust fund agreement that complies with the packers and stockyards act of 1921, as amended, and regulations promulgated thereunder.
(3) “Livestock” means cattle, swine, bison, horses, mules, or asses.
(4) “Livestock dealer” means any person who buys, receives or assembles livestock for his own account for resale within twenty (20) days from the date of purchase, or for the account of another person. This term also includes both a person who pays and a person who does not pay the owner or auction market the full purchase price at the time of taking possession of the livestock.
(5) “Person” means an individual, partnership, corporation, broker, order buyer, video livestock sale or other type of electronic marketing organization, association or other legal entity.
(6) “Representative of a licensee” means any full-time employee, agent or other person who buys, receives, sells, or assembles livestock for resale on behalf of a licensed livestock dealer.