126.595(2)(b)2. 2. A processing potato buyer that decides or is required to participate in the fund under par. (a) shall begin contributing to the fund at the beginning of its 2nd complete license year of participation, except that this requirement does not apply to a processing potato buyer that is disqualified under.
126.595 History History: 2005 a. 80.
126.60 126.60 Contributing vegetable contractors; fund assessments.
126.60(1)(1)General. A contributing vegetable contractor shall pay an annual fund assessment for each license year. Except as provided in sub. (5m), the assessment equals \$20 or the sum of the following, whichever is greater, unless the department by rule specifies a different assessment:
126.60(1)(a) (a) The vegetable contractor's current ratio assessment. The current ratio assessment for a license year equals the vegetable contractor's current ratio assessment rate under sub. (2) multiplied by the amount reported under in the vegetable contractor's license application for that license year.
126.60(1)(b) (b) The vegetable contractor's debt to equity ratio assessment. The debt to equity ratio assessment for a license year equals the vegetable contractor's debt to equity ratio assessment rate under sub. (4) multiplied by the amount reported under in the vegetable contractor's license application for that license year.
126.60(2) (2)Current ratio assessment rate. A vegetable contractor's current ratio assessment rate is calculated, at the beginning of the license year, as follows:
126.60(2)(a) (a) If the vegetable contractor has filed an annual financial statement under s. 126.58 and that financial statement shows a current ratio of at least 1.25 to 1.0, the vegetable contractor's current ratio assessment rate equals the greater of zero or the current ratio assessment factor in sub. (3) (a) multiplied by the following amount:
126.60(2)(a)1. 1. Subtract 4 from the current ratio.
126.60(2)(a)2. 2. Divide the amount determined under subd. 1. by 2.
126.60(2)(a)3. 3. Multiply the amount determined under subd. 2. by negative one.
126.60(2)(a)4. 4. Raise the amount determined under subd. 3. to the 3rd power.
126.60(2)(a)5. 5. Subtract 0.65 from the current ratio.
126.60(2)(a)6. 6. Divide 0.60 by the amount determined under subd. 5.
126.60(2)(a)7. 7. Raise the amount determined under subd. 6. to the 5th power.
126.60(2)(a)8. 8. Add the amount determined under subd. 4. to the amount determined under subd. 7.
126.60(2)(a)9. 9. Add 0.25 to the amount determined under subd. 8.
126.60(2)(b) (b) If the vegetable contractor has filed an annual financial statement under s. 126.58 and that financial statement shows a current ratio of less than 1.25 to 1.0, but greater than 1.1 to 1.0, the vegetable contractor's current ratio assessment rate equals the current ratio assessment factor in sub. (3) (b) multiplied by the following amount:
126.60(2)(b)1. 1. Subtract 4 from the current ratio.
126.60(2)(b)2. 2. Divide the amount determined under subd. 1. by 2.
126.60(2)(b)3. 3. Multiply the amount determined under subd. 2. by negative one.
126.60(2)(b)4. 4. Raise the amount determined under subd. 3. to the 3rd power.
126.60(2)(b)5. 5. Subtract 0.65 from the current ratio.
126.60(2)(b)6. 6. Divide 0.60 by the amount determined under subd. 5.
126.60(2)(b)7. 7. Raise the amount determined under subd. 6. to the 5th power.
126.60(2)(b)8. 8. Add the amount determined under subd. 4. to the amount determined under subd. 7.
126.60(2)(b)9. 9. Add 0.25 to the amount determined under subd. 8.
126.60(2)(c) (c) If the vegetable contractor has filed an annual financial statement under s. 126.58 and that financial statement shows a current ratio of less than or equal to 1.1 to 1.0, the vegetable contractor's current ratio assessment rate equals the current ratio assessment factor in sub. (3) (b) multiplied by 7.512617.
126.60(2)(d) (d) If the vegetable contractor has not filed an annual financial statement under s. 126.58, the vegetable contractor's current ratio assessment rate equals the current ratio assessment factor in sub. (3) (b) multiplied by 3.84961.
126.60(3) (3)Current ratio assessment factor.
126.60(3)(a)(a) A vegetable contractor's current ratio assessment factor under sub. (2) (a) is 0.00048, except as follows:
126.60(3)(a)1. 1. For the vegetable contractor's 4th and 5th consecutive full license years as a contributing vegetable contractor, the vegetable contractor's current ratio assessment factor is 0.00029.
126.60(3)(a)2. 2. For the vegetable contractor's 6th or higher consecutive full license year as a contributing vegetable contractor, the vegetable contractor's current ratio assessment factor is zero.
126.60(3)(b) (b) A vegetable contractor's current ratio assessment factor under sub. (2) (b) to (d) is 0.00072, except as follows:
126.60(3)(b)1. 1. For the vegetable contractor's 4th and 5th consecutive full license years as a contributing vegetable contractor, the vegetable contractor's current ratio assessment factor is 0.00058.
126.60(3)(b)2. 2. For the vegetable contractor's 6th or higher consecutive full license year as a contributing vegetable contractor, the vegetable contractor's current ratio assessment factor is 0.00035.
126.60(4) (4)Debt to equity ratio assessment rate. A vegetable contractor's debt to equity ratio assessment rate for a license year is calculated, at the beginning of the license year, as follows:
126.60(4)(a) (a) If the vegetable contractor has filed an annual financial statement under s. 126.58 and that financial statement shows positive equity and a debt to equity ratio of not more than 4.0 to 1.0, the vegetable contractor's debt to equity ratio assessment rate equals the greater of zero or the debt to equity ratio assessment factor in sub. (5) (a) multiplied by the following amount:
126.60(4)(a)1. 1. Subtract 4 from the debt to equity ratio.
126.60(4)(a)2. 2. Divide the amount determined under subd. 1. by 4.
126.60(4)(a)3. 3. Raise the amount determined under subd. 2. to the 3rd power.
126.60(4)(a)4. 4. Subtract 1.85 from the debt to equity ratio.
126.60(4)(a)5. 5. Divide the amount determined under subd. 4. by 2.5.
126.60(4)(a)6. 6. Raise the amount determined under subd. 5. to the 7th power.
126.60(4)(a)7. 7. Add the amount determined under subd. 3. to the amount determined under subd. 6.
126.60(4)(a)8. 8. Add one to the amount determined under subd. 7.
126.60(4)(b) (b) If the vegetable contractor has filed an annual financial statement under s. 126.58 and that financial statement shows a debt to equity ratio of greater than 4.0 to 1.0 but less than 6.0 to 1.0, the vegetable contractor's debt to equity ratio assessment rate equals the debt to equity ratio assessment factor in sub. (5) (b) multiplied by the following amount:
126.60(4)(b)1. 1. Subtract 4 from the debt to equity ratio.
126.60(4)(b)2. 2. Divide the amount determined under subd. 1. by 4.
126.60(4)(b)3. 3. Raise the amount determined under subd. 2. to the 3rd power.
126.60(4)(b)4. 4. Subtract 1.85 from the debt to equity ratio.
126.60(4)(b)5. 5. Divide the amount determined under subd. 4. by 2.5.
126.60(4)(b)6. 6. Raise the amount determined under subd. 5. to the 7th power.
126.60(4)(b)7. 7. Add the amount determined under subd. 3. to the amount determined under subd. 6.
126.60(4)(b)8. 8. Add one to the amount determined under subd. 7.
126.60(4)(c) (c) If the vegetable contractor has filed an annual financial statement under s. 126.58 and that financial statement shows negative equity or a debt to equity ratio of at least 6.0 to 1.0, the vegetable contractor's debt to equity ratio assessment rate equals the debt to equity ratio assessment factor in sub. (5) (b) multiplied by 35.859145.
126.60(4)(d) (d) If the vegetable contractor has not filed an annual financial statement under s. 126.58, the vegetable contractor's debt to equity ratio assessment rate equals the debt to equity ratio assessment factor in sub. (5) (b) multiplied by 1.34793.
126.60(5) (5)Debt to equity ratio assessment factor.
126.60(5)(a)(a) A vegetable contractor's debt to equity ratio assessment factor under sub. (4) (a) is 0.000135, except as follows:
126.60(5)(a)1. 1. For the vegetable contractor's 4th and 5th consecutive full license years as a contributing vegetable contractor, the vegetable contractor's debt to equity ratio assessment factor is 0.00008.
126.60(5)(a)2. 2. For the vegetable contractor's 6th or higher consecutive full license year as a contributing vegetable contractor, the vegetable contractor's debt to equity ratio assessment factor is zero.
126.60(5)(b) (b) A vegetable contractor's debt to equity ratio assessment factor under sub. (4) (b) to (d) is 0.000203, except as follows:
126.60(5)(b)1. 1. For the vegetable contractor's 4th and 5th consecutive full license years as a contributing vegetable contractor, the vegetable contractor's debt to equity ratio assessment factor is 0.00016.
126.60(5)(b)2. 2. For the vegetable contractor's 6th or higher consecutive full license year as a contributing vegetable contractor, the vegetable contractor's debt to equity ratio assessment factor is 0.0001.
126.60(5m) (5m)Reduced assessment for certain vegetable contractors filing security. If a vegetable contractor files security under, the vegetable contractor's assessment is the amount determined under sub. (1) reduced by an amount determined as follows:
126.60(5m)(a) (a) Divide the amount of security that the vegetable contractor is required to file as determined under by the amount of the vegetable contractor's estimated default exposure, as defined in
126.60(5m)(b) (b) Multiply the amount of the assessment determined under sub. (1) by the amount determined under par. (a).
126.60(6) (6)Quarterly installments.
126.60(6)(a)(a) A contributing vegetable contractor shall pay the vegetable contractor's annual fund assessment in equal quarterly installments that are due as follows:
126.60(6)(a)1. 1. The first installment is due on March 1 of the license year.
126.60(6)(a)2. 2. The 2nd installment is due on June 1 of the license year.
126.60(6)(a)3. 3. The 3rd installment is due on September 1 of the license year.
126.60(6)(a)4. 4. The 4th installment is due on December 1 of the license year.
126.60(6)(b) (b) A contributing vegetable contractor may prepay any of the quarterly installments under par. (a).
126.60(6)(c) (c) A contributing vegetable contractor who applies for an annual license after the beginning of a license year shall pay the full annual fund assessment required under this section. The vegetable contractor shall pay, with the first quarterly installment that becomes due after the day on which the department issues the license, all of that year's quarterly installments that were due before that day.
126.60(6)(d) (d) A contributing vegetable contractor who fails to pay the full amount of any quarterly installment when due shall pay, in addition to that installment, a late payment penalty of \$50 or 10% of the overdue installment amount, whichever is greater.
126.60(7) (7)Notice of annual assessment and quarterly installments. When the department issues an annual license to a contributing vegetable contractor, the department shall notify the vegetable contractor of all of the following:
126.60(7)(a) (a) The amount of the vegetable contractor's annual fund assessment under this section.
126.60(7)(b) (b) The amount of each required quarterly installment under sub. (6) and the date by which the vegetable contractor must pay each installment.
126.60(7)(c) (c) The penalty that applies under sub. (6) (d) if the vegetable contractor fails to pay any quarterly installment when due.
126.60 History History: 2001 a. 16; 2003 a. 38, 326; 2009 a. 296.
126.61 126.61 Vegetable contractors; security.
126.61(1) (1)Security required.
126.61(1)(a)(a) Except as provided in par. (c), a vegetable contractor shall file security with the department, and maintain that security until the department releases it under sub. (7), if all of the following apply when the department first licenses the vegetable contractor under:
126.61(1)(a)1. 1. The vegetable contractor reports more than \$500,000 in annual contract obligations under.
126.61(1)(a)2. 2. The vegetable contractor files a financial statement under and that financial statement shows negative equity.
126.61(1)(b)1.1. In this paragraph, "estimated default exposure" means 75 percent of the highest amount of unpaid contract obligations, reported by a vegetable contractor under or (12) that the vegetable contractor had at any time during the last 12 months.
126.61(1)(b)2. 2. Except as provided in par. (c), a vegetable contractor shall file security with the department, and shall maintain that security until the department releases it under sub. (7) (bm), if at any time all of the following apply:
2011-12 Wis. Stats. database updated though 2013 Wis. Act 14 and all Supreme Court Orders entered before June 4, 2013. Changes effective after June 4, 2013 are designated by NOTES. See Are the Statutes on this Website Official? (6-5-13)