AB230: Bill Text

AB230,6,11 127.01 (13) "Equity statement" means a report of the change in equity from the beginning to the end of the accounting period covered by the report.

AB230, s. 14 Section 14. 127.01 (13m) and (14) of the statutes are repealed and recreated to read:

AB230,6,16 127.01 (13m) "Exempt grain dealer" means a person who buys grain from producers and who makes full cash payment for all grain that the person receives from producers before taking custody of the grain.

AB230,6,22 (14) "Exempt warehouse keeper" means a warehouse keeper who has a total of less than 50,000 bushels of grain obligations to others, for all of the warehouse keeper's warehouses, at any time during a license year. "Exempt warehouse keeper" does not include a warehouse keeper who represents to any person that the warehouse keeper is bonded or has filed security with the department for the benefit of depositors.

AB230, s. 15 Section 15. 127.01 (15) of the statutes is amended to read:

AB230,6,25 127.01 (15) "Federal act" means the federal warehouse act under 7 USC 241 to 271, in effect on September 1, 1985.

AB230, s. 16 Section 16. 127.01 (16) of the statutes is amended to read:

AB230,7,3 127.01 (16) "Financial statement" means a financial statement that meets the requirements under s. 127.06 (2) complies with s. 127.06.

AB230, s. 17 Section 17. 127.01 (18) of the statutes is amended to read:

AB230,7,9 127.01 (18) "Grain" means corn, wheat, soybeans, oats, barley, rye, buckwheat, sorghum, flaxseed, milo, sunflower seed and mixed grain as defined in the federal grain standards act of 1916 (,7 USC 71 et. seq.) as amended on July 1, 1980. The term to 87k. "Grain" does not include canning crops for processing or grain used or intended for use solely for sowing planting purposes.

AB230, s. 18 Section 18. 127.01 (19) (intro.) of the statutes is amended to read:

AB230,7,13 127.01 (19) (intro.)  "Grain dealer" means a Class A grain dealer, Class B grain dealer, Class B2 grain dealer, Class C grain dealer or exempt grain dealer. "Grain dealer" does not include any of the following:

AB230, s. 19 Section 19. 127.01 (21) of the statutes is amended to read:

AB230,7,16 127.01 (21) "Income statement" means a report of the financial results of business operations for a specific the accounting period covered by the report.

AB230, s. 20 Section 20. 127.01 (22) of the statutes is amended to read:

AB230,7,19 127.01 (22) "Interim statement" means a financial statement prepared on a date other than the end of for a period shorter than a fiscal year.

AB230, s. 21 Section 21. 127.01 (25) of the statutes is renumbered 127.01 (25) (intro.) and amended to read:

AB230,7,24 127.01 (25) (intro.) "Producer" means an a person who is not a Class A grain dealer, a Class B grain dealer, a Class B2 grain dealer or an exempt grain dealer and who is one of the following:

AB230,8,2 (a) An owner, tenant or operator of land who is engaged in the growing and production of producing grain on the land in this state.

AB230, s. 22 Section 22. 127.01 (25) (b) of the statutes is created to read:

AB230,8,6 127.01 (25) (b) An owner, tenant or operator of land who is engaged in growing and producing grain on land outside of this state and who sells that grain to a grain dealer in this state or deposits that grain with a warehouse keeper in this state.

AB230, s. 23 Section 23. 127.01 (25m) of the statutes is repealed and recreated to read:

AB230,8,10 127.01 (25m) "Reviewed financial statement" means a financial statement, other than an audited financial statement, that meets all of the following requirements:

AB230,8,12 (a) The grain dealer or warehouse keeper attests in writing, under oath, that the financial statement is accurate.

AB230,8,15 (b) The financial statement is reviewed according to generally accepted accounting principles by an independent certified public accountant or an independent public accountant who holds a certificate of authority under ch. 442.

AB230, s. 24 Section 24. 127.01 (26) of the statutes is repealed and recreated to read:

AB230,8,20 127.01 (26) "Statement of cash flows" means a report of cash receipts and cash disbursements from operating, investing and financing activities, including an explanation of changes in cash and cash equivalents for the accounting period covered by the report.

AB230, s. 25 Section 25. 127.01 (28) of the statutes is amended to read:

AB230,8,24 127.01 (28) "Warehouse" means any building, bin or storage facility used for receiving, storing, conditioning, shipping or handling grain. This term "Warehouse" does not include transport vehicles or facilities used for on-farm drying of grain.

AB230, s. 26 Section 26. 127.02 (title), (1) and (2) of the statutes are amended to read:

AB230,9,2 127.02 (title) Registration requirement for warehouse keepers; Warehouse keepers' licenses and fees.

AB230,9,8 (1) Requirement, exception. No person may act as a warehouse keeper unless the person obtains holds an annual warehouse keeper's certificate of registration license issued by the department. The requirements of this section do not apply to, except that an exempt warehouse keeper unless the warehouse keeper holds himself or herself out as a bonded or registered warehouse keeper is not required to hold a license.

AB230,9,13 (2) Application. An application for an annual warehouse keeper's certificate of registration license shall be filed on a form prescribed by the department. The application shall include information reasonably required by the department for registration licensing purposes. An application shall be accompanied by all applicable fees and surcharges under sub. (3).

AB230, s. 27 Section 27. 127.02 (3) (a) and (am) of the statutes are amended to read:

AB230,9,18 127.02 (3) (a) (title) Registration License fees. The fee for an annual warehouse keeper's certificate of registration license is $50. A warehouse keeper maintaining more than one business location in this state shall pay an additional registration license fee of $25 for each additional location.

AB230,9,25 (am) (title) Registration License fee surcharge. An applicant for an annual warehouse keeper's certificate of registration license shall pay a registration license fee surcharge of $500 if the department determines that, within 365 days prior to submitting an application for a warehouse keeper's certificate of registration license, the applicant acted as a warehouse keeper without a certificate of registration license in violation of sub. (1). Payment of the registration license fee surcharge does not relieve the applicant of other civil or criminal liability that may result from acting as a warehouse keeper without a certificate of registration license, but does not constitute evidence of a violation of law.

AB230, s. 28 Section 28. 127.02 (3) (b) (title) of the statutes is repealed and recreated to read:

AB230,10,5 127.02 (3) (b) (title) Basic inspection fee.

AB230, s. 29 Section 29. 127.02 (3) (b) 1. of the statutes is renumbered 127.02 (3) (b), and 127.02 (3) (b) (intro.), as renumbered, is amended to read:

AB230,10,11 127.02 (3) (b) (intro.) A warehouse keeper shall pay an annual inspection fee to the department based on the combined storage capacity of all of the warehouse keeper's warehouses in this state. The inspection fee is, if the combined storage capacity is:

AB230, s. 30 Section 30. 127.02 (3) (b) 2. of the statutes is renumbered 127.02 (3) (bm) and amended to read:

AB230,10,17 127.02 (3) (bm) (title) Supplementary inspection fee. In addition to the inspection fee specified under subd. 1. par. (b), a warehouse keeper shall annually pay to the department an inspection fee of $100 for each business warehouse location other than the warehouse keeper's principal business warehouse location.

AB230, s. 31 Section 31. 127.02 (3m), (4) and (5) of the statutes are amended to read:

AB230,10,25 127.02 (3m) (title) Registration Licensing contingent on payment of fees and surcharge. The department may not issue or renew a certificate of registration license under sub. (1) unless the applicant pays all fees and any applicable surcharge required under sub. (3), as set forth in a statement from the department. The department shall refund a fee or surcharge paid under protest if the department determines that the fee or surcharge was not required to be paid as a condition of registration under this section.

AB230,11,3 (4) Expiration; nontransferable. The An annual warehouse keeper's certificate of registration license expires on August 31 of each year and is not transferable.

AB230,11,6 (5) Display. A warehouse keeper shall display prominently a copy of the annual warehouse keeper's certificate of registration license in each business location warehouse in this state operated by the warehouse keeper.

AB230, s. 32 Section 32. 127.03 (title) and (1) of the statutes are repealed and recreated to read:

AB230,11,10 127.03 (title) Grain dealers licenses and fees. (1) Requirement. (a) Except as provided in par. (d), no person may do any of the following:

AB230,11,12 1. Operate as a Class A grain dealer unless the person holds an annual license from the department as a Class A grain dealer.

AB230,11,14 2. Operate as a Class B grain dealer unless the person holds an annual license from the department as a Class A grain dealer or a Class B grain dealer.

AB230,11,17 3. Operate as a Class B2 grain dealer unless the person holds an annual license from the department as a Class A grain dealer, a Class B grain dealer or a Class B2 grain dealer.

AB230,11,21 (b) No grain dealer may claim to be bonded or claim to have filed security with the department for the benefit of producers unless that grain dealer holds an annual license from the department as a Class A grain dealer, a Class B grain dealer or a Class B2 grain dealer.

AB230,11,24 (c) A Class C grain dealer is not required to be licensed but may voluntarily apply for and receive an annual license from the department as a Class C grain dealer.

AB230,11,25 (d) Paragraph (a) does not apply to an exempt grain dealer.

AB230, s. 33 Section 33. 127.03 (2) of the statutes is amended to read:

AB230,12,6 127.03 (2) Application. An application for an annual grain dealer's certificate of registration license shall be filed on a form prescribed by the department. The application shall include information reasonably required by the department for registration licensing purposes. An application shall be accompanied by all applicable fees and surcharges under sub. (3).

AB230, s. 34 Section 34. 127.03 (3) (title) and (a) (intro.) of the statutes are amended to read:

AB230,12,10 127.03 (3) (title) Registration License fees. (a) (intro.) The fee for an annual grain dealer's certificate of registration shall be license is as follows:

AB230, s. 35 Section 35. 127.03 (3) (a) 2. of the statutes is amended to read:

AB230,12,13 127.03 (3) (a) 2. For a Class B grain dealer, $175 plus a surcharge of $250 if the grain dealer's financial statement under s. 127.06 (2) is not audited.

AB230, s. 36 Section 36. 127.03 (3) (a) 2m. of the statutes is created to read:

AB230,12,15 127.03 (3) (a) 2m. For a Class B2 grain dealer, $50.

AB230, s. 37 Section 37. 127.03 (3) (a) 3. of the statutes is amended to read:

AB230,12,18 127.03 (3) (a) 3. For a Class C grain dealer voluntarily licensed under sub. (1) (c), $50.

AB230, s. 38 Section 38. 127.03 (3) (b) of the statutes is amended to read:

AB230,12,23 127.03 (3) (b) In addition to the fee specified under par. (a), if a grain dealer operates more than one truck, the grain dealer shall pay an additional registration license fee of $10 for each additional truck that he or she the grain dealer uses for dealing in grain.

AB230, s. 39 Section 39. 127.03 (3) (bg) of the statutes is amended to read:

AB230,13,9 127.03 (3) (bg) An Except as provided in par. (bk), an applicant for an annual grain dealer's certificate of registration license shall pay a registration license fee surcharge of $500 if the department determines that, within 365 days prior to submitting an application for a grain dealer's certificate of registration license, the applicant acted as a grain dealer without a certificate of registration in violation of license required in sub. (1). Payment of the registration license fee surcharge does not relieve the applicant of other civil or criminal liability that may result from acting as a grain dealer without a certificate of registration license required in sub. (1), but does not constitute evidence of a violation of law.

AB230, s. 40 Section 40. 127.03 (3) (bk) of the statutes is created to read:

AB230,13,13 127.03 (3) (bk) If a grain dealer held a license as a Class B2 grain dealer but operated as a Class A grain dealer or a Class B grain dealer, the surcharge under par. (bg) is $250 rather than $500.

AB230, s. 41 Section 41. 127.03 (3m), (4) and (5) of the statutes are amended to read:

AB230,13,21 127.03 (3m) (title) Registration Licensing contingent on payment of fees and surcharge. The department may not issue or renew a certificate of registration license under sub. (1) unless the applicant pays all fees and any applicable surcharge under sub. (3), as set forth in a statement from the department. The department shall refund a fee or surcharge paid under protest if the department determines that the fee or surcharge was not required to be paid as a condition of registration under this section.

AB230,13,23 (4) Expiration; nontransferable. The An annual grain dealer's certificate of registration license expires on August 31 of each year and is not transferable.

AB230,14,4 (5) Display. A grain dealer shall display prominently a copy of the annual grain dealer's certificate of registration annual license on each truck used that the grain dealer uses for dealing in grain operated by the grain dealer and. A grain dealer shall also display a copy of the grain dealer's annual license at the grain dealer's permanent business address, if he or she the grain dealer is required to maintain a permanent business address under s. 127.10 (6).

AB230, s. 42 Section 42. 127.04 of the statutes is amended to read:

AB230,14,13 127.04 Applicability to nonresident grain dealers. A nonresident grain dealer, not maintaining an office or place of business in this state, engaged in this state in buying grain from or selling who buys grain from or sells grain for producers who produced the grain in this state, is subject to registration and other provisions of this chapter relating to the purchase or sale of grain, whether or not the purchase or sale transaction takes without regard to whether those purchases or sales take place wholly or in part in this state and without regard to whether the grain dealer maintains an office or place of business in this state.

AB230, s. 43 Section 43. 127.05 of the statutes is amended to read:

AB230,14,22 127.05 Warehouse keeper's insurance. (1) Requirement; exception. A warehouse keeper shall file and maintain with the department a certificate or other satisfactory evidence of fire and extended coverage insurance issued by an insurance company authorized to do business in this state insuring that insures all grain in the custody of the warehouse keeper, whether held for others or owned by the warehouse keeper, at the full local market value of the grain. The requirements of this section do not apply to an exempt warehouse keeper unless the warehouse keeper holds himself or herself out as a bonded warehouse keeper.

AB230,15,8 (2) (title) Cancellation and replacement. An insurance policy required under this chapter sub. (1) shall provide that the policy may not be canceled by the warehouse keeper or insurance company except on 30 days' prior written notice served on the department in person or by certified mail. The warehouse keeper shall obtain satisfactory replacement insurance and shall file satisfactory evidence of that replacement insurance with the department within the 30-day period and prior to the expiration of the policy 20 days after the cancellation notice is served on the department and at least 10 days before the cancellation takes effect. The department shall suspend the registration license of a warehouse keeper without prior notice or hearing if the warehouse keeper does not secure and file satisfactory evidence of replacement insurance as required under this section.

AB230, s. 44 Section 44. 127.05 (3) and (4) of the statutes are created to read:

AB230,15,13 127.05 (3) Insurance disclosure. Before storing grain for any depositor, a warehouse keeper, including an exempt warehouse keeper, shall clearly disclose in writing and post in a conspicuous location, observable by the public, all of the following information:

AB230,15,15 (a) Whether the grain is insured against fire and other natural perils, including a listing of the types of perils covered.

AB230,15,18 (b) Whether the warehouse keeper has liability insurance covering the warehouse keeper's grain storage operations and whether the insurance covers liability resulting from fraud or malfeasance by the warehouse keeper.

AB230,15,25 (4) Deductibles. Neither an insurance policy under sub. (1) nor a warehouse keeper's liability insurance policy may contain any deductible clause that limits the insurer's liability to depositors for the full value of the depositor's covered losses under the policy. This subsection does not prohibit a clause under which the warehouse keeper agrees to indemnify the insurer for a portion of each claim by a depositor that is paid by the insurer under the policy, as long as the clause does not limit the insurer's obligation to pay each depositor.

AB230, s. 45 Section 45. 127.06 (title) of the statutes is amended to read:

AB230,16,3 127.06 (title) Financial statement statements; warehouse keepers and grain dealers.

AB230, s. 46 Section 46. 127.06 (1) of the statutes is repealed and recreated to read:

AB230,16,7 127.06 (1) Warehouse keepers; financial statements required. (a) A warehouse keeper required to be licensed under s. 127.02 (1) shall do all of the following:

AB230,16,9 1. File a financial statement with the warehouse keeper's initial application for a license.