Amendment ASA1-AB630

AB630-ASA1, s. 29 Section 29. 100.03 (7) (a) 1. of the statutes is amended to read:

AB630-ASA1,10,2 100.03 (7) (a) 1. The contractor's A minimum ratio of current assets to current liabilities shall be at least of 1.2 to 1 1.0 on its annual financial statement.

AB630-ASA1, s. 30 Section 30. 100.03 (7) (a) 2. of the statutes is repealed and recreated to read:

AB630-ASA1,10,5 100.03 (7) (a) 2. A minimum ratio of current assets to current liabilities of 1.0 to 1.0 at all times of the year other than the end of the contractor's fiscal year.

AB630-ASA1, s. 31 Section 31. 100.03 (7) (a) 3. of the statutes is created to read:

AB630-ASA1,10,8 100.03 (7) (a) 3. Equity equal to at least 20% of total assets on its annual financial statement and at least 10% at all other times.

AB630-ASA1, s. 32 Section 32. 100.03 (7) (c) (intro.) of the statutes is amended to read:

AB630-ASA1,10,12 100.03 (7) (c) Exemptions. (intro.) A Paragraph (a) does not apply to a contractor is not required to meet the financial standards under par. (a) if any of the following applies:

AB630-ASA1, s. 33 Section 33. 100.03 (7) (c) 1. of the statutes is amended to read:

AB630-ASA1,10,15 100.03 (7) (c) 1. The contractor makes payment on delivery for all farm products vegetables obtained from producers.

AB630-ASA1, s. 34 Section 34. 100.03 (8) (b) 6. of the statutes is repealed.

AB630-ASA1, s. 35 Section 35. 100.03 (8) (bm) of the statutes is repealed.

AB630-ASA1, s. 36 Section 36. 100.03 (8) (cm) of the statutes is created to read:

AB630-ASA1,10,23 100.03 (8) (cm) Transitional security amounts. Notwithstanding par. (c), a contractor who does not meet the financial standards under sub. (7) but who does have a ratio of current assets to current liabilities of at least 1.2 to 1.0 on its annual financial statement and whose total assets exceed total liabilities shall file security in at least the following amounts for the license years indicated:

AB630-ASA1,11,3 1. For the first license year beginning after the effective date of this subdivision .... [revisor inserts date], 25% of the contractor's anticipated maximum liability to growers of vegetables.

AB630-ASA1,11,6 2. For the 2nd license year beginning after the effective date of this subdivision .... [revisor inserts date], 50% of the contractor's anticipated maximum liability to growers of vegetables.

AB630-ASA1, s. 37 Section 37. 100.03 (8) (e) of the statutes is created to read:

AB630-ASA1,11,10 100.03 (8) (e) Prohibition. No contractor may assess a separate line item deduction from the payment to the grower to recover the cost of security filed under this section.

AB630-ASA1, s. 38 Section 38. 100.03 (15) (title) of the statutes is amended to read:

AB630-ASA1,11,12 100.03 (15) (title) Farm product Vegetable grading and tare.

AB630-ASA1, s. 39 Section 39. 100.03 (15) (a) (intro.) of the statutes is amended to read:

AB630-ASA1,11,17 100.03 (15) (a) Grading procedures and grade standards. (intro.) If under a procurement contract the amount received by the producer depends on the grade of the farm products vegetables, the farm products vegetables shall be graded in compliance with all of the following:

AB630-ASA1, s. 40 Section 40. 100.03 (15) (c) of the statutes is amended to read:

AB630-ASA1,11,20 100.03 (15) (c) Price-fixing not permitted. This subsection does not fix or regulate the price paid for any farm product vegetable.

AB630-ASA1, s. 41 Section 41. 100.03 (18) of the statutes is amended to read:

AB630-ASA1,12,6 100.03 (18) Summary order requiring payment on delivery. If the department has reasonable grounds to believe that a contractor does not meet the minimum financial standards under sub. (7), and does not have adequate security on file under sub. (8), the department may issue a summary special order requiring the contractor to make payment on delivery for all farm products vegetables. A summary special order shall set forth the specific basis for the order. The order shall remain in effect until the contractor meets the financial standards under sub. (7) or files adequate security under sub. (8). A person adversely affected by a special order under this section shall be given a prompt hearing before the department upon request, under ch. 227.

AB630-ASA1, s. 42 Section 42. 100.03 (19) (a) (intro.) of the statutes is amended to read:

AB630-ASA1,12,12 100.03 (19) (a) Grounds. (intro.) The department may summarily suspend the contractor's registration certificate when necessary to prevent clear and imminent harm to producers if the department has reasonable grounds to believe that a contractor has failed to make payment on delivery for farm products vegetables, procured from producers, contrary to any of the following:

AB630-ASA1, s. 43 Section 43. Appropriation changes.

AB630-ASA1,12,19 (1) Farm product producer security. In the schedule under section 20.005 (3) of the statutes for the appropriation to the department of agriculture, trade and consumer protection under section 20.115 (1) (gm) of the statutes, as affected by the acts of 1995, the dollar amount is decreased by $32,500 for fiscal year 1995-96 and the dollar amount is decreased by $32,500 for fiscal year 1996-97 to decrease funding for the purposes for which the appropriation is made.

AB630-ASA1,12,20 (End)