126.29   Contributing grain warehouse keepers; disqualification.
126.30   Grain warehouse keepers; fund assessments.
126.31   Grain warehouse keepers; security.
126.32   Grain warehouse keepers; records.
126.33   Receipts for grain.
126.34   Grain warehouse keepers; business practices.
SUBCHAPTER V
MILK CONTRACTORS
126.40   Definitions.
126.41   Milk contractors; licensing.
126.42   Milk contractors; monthly license fee.
126.43   Milk contractors; insurance.
126.44   Milk contractors; financial statements.
126.45   Contributing milk contractors; disqualification.
126.46   Contributing milk contractors; fund assessments.
126.47   Milk contractors; security.
126.48   Milk contractors; payments to producers.
126.485   Milk contractors; deferred payment contracts.
126.487   Payment explanation.
126.49   Milk contractors; records and reports.
126.50   Milk contractors; prohibited practices.
126.51   Rules for qualified producer agents.
SUBCHAPTER VI
VEGETABLE CONTRACTORS
126.55   Definitions.
126.56   Vegetable contractors; licensing.
126.57   Vegetable contractors; insurance.
126.58   Vegetable contractors; financial statements.
126.59   Contributing vegetable contractors; disqualification.
126.595   Processing potato buyer optional nonparticipation.
126.60   Contributing vegetable contractors; fund assessments.
126.61   Vegetable contractors; security.
126.62   Vegetable contractors; records.
126.63   Vegetable contractors; business practices.
126.64   Vegetable contractors; prohibited practices.
SUBCHAPTER VII
RECOVERY PROCEEDINGS
126.68   Definitions.
126.70   Recovery proceedings.
126.71   Paying default claims.
126.72   Claims against contributing contractor; payment sources.
126.73   Reimbursing payments.
SUBCHAPTER VIII
ADMINISTRATION AND ENFORCEMENT
126.78   Definitions.
126.80   Department authority; general.
126.81   Rule-making.
126.82   Investigations.
126.83   Information.
126.84   Records; confidentiality.
126.85   Remedial orders.
126.86   License actions.
126.87   Court actions.
126.88   Modifying fund assessments.
126.89   Calculations.
126.90   Agricultural producer security council.
subch. I of ch. 126 SUBCHAPTER I
GENERAL
126.01 126.01 General definitions. In this chapter:
126.01(1) (1)“Affiliate" means any of the following persons:
126.01(1)(a) (a) An owner, major stockholder, partner, officer, director, member, employee, or agent of a contractor.
126.01(1)(b) (b) A person owned, controlled, or operated by a person under par. (a).
126.01(2) (2)“Asset" means anything of value owned by a person.
126.01(3) (3)“Audited financial statement" means a financial statement on which an independent certified public accountant licensed or certified under ch. 442 has done all of the following:
126.01(3)(a) (a) Stated that the financial statement presents fairly, in all material respects, the financial position of a contractor as of a specific date or for a specific period, according to one of the following:
126.01(3)(a)1. 1. Generally accepted accounting principles.
126.01(3)(a)2. 2. The historical cost basis method of accounting, if the financial statement is a sole proprietor's personal financial statement and the financial statement is prepared on a historical cost basis.
126.01(3)(b) (b) Conducted an audit according to generally accepted auditing standards.
126.01(4) (4)“Balance sheet" means a statement of assets, liabilities, and equity on a specific date.
126.01(5) (5)“Contractor," unless otherwise qualified, means any of the following:
126.01(5)(a) (a) A grain dealer, as defined in s. 126.10 (9).
126.01(5)(b) (b) A grain warehouse keeper, as defined in s. 126.25 (9).
126.01(5)(c) (c) A milk contractor, as defined in s. 126.40 (8).
126.01(5)(d) (d) A vegetable contractor, as defined in s. 126.55 (14).
126.01(6) (6)“Current assets" means cash and other assets, including trade or investment items, that may be readily converted into cash in the ordinary course of business within one year after the date as of which the value of those assets is determined.
126.01(7) (7)“Current liabilities" means those liabilities that are due within one year after the date as of which the value of those liabilities is determined.
126.01(8) (8)“Department" means the department of agriculture, trade and consumer protection.
126.01(9) (9)“Equity" means the value of assets less the value of liabilities.
126.01(10) (10)“Equity statement" means a report of the change in equity from the beginning to the end of the accounting period covered by the report.
126.01(11) (11)“Fund" means the agricultural producer security fund established under s. 25.463.
126.01(12) (12)“Generally accepted accounting principles" means the accounting standards adopted by the Financial Accounting Standards Board, except that for a business entity organized and operating outside the United States “generally accepted accounting principles" includes generally accepted foreign accounting standards that are substantially equivalent to standards adopted by the Financial Accounting Standards Board.
126.01(13) (13)“Grain" means corn, wheat, soybeans, oats, barley, rye, buckwheat, sorghum, flax seed, milo, sunflower seed, and mixed grain, as defined in 7 CFR 810.801, except that “grain" does not include any of the following:
126.01(13)(a) (a) Sweet corn or other canning crops for processing.
126.01(13)(b) (b) Seed corn, wheat, soybeans, oats, barley, rye, buckwheat, sorghum, flax seed, milo, sunflower seed, or mixed grain used or intended for use solely for planting purposes.
126.01(13)(c) (c) Corn, wheat, soybeans, oats, barley, rye, buckwheat, sorghum, flax seed, milo, sunflower seed, or mixed grain that has been rolled, cracked, roasted, or otherwise processed.
126.01(14) (14)“Income statement" means a report of the financial results of business operations for a specific period.
126.01(15) (15)“Individual" means a natural person.
126.01(16) (16)“Interim financial statement" means a statement of financial condition prepared for a period shorter than a fiscal year.
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2021-22 Wisconsin Statutes updated through 2023 Wis. Act 93 and through all Supreme Court and Controlled Substances Board Orders filed before and in effect on March 22, 2024. Published and certified under s. 35.18. Changes effective after March 22, 2024, are designated by NOTES. (Published 3-22-24)