Date of enactment: August 9, 1995
1995 Assembly Bill 230 Date of publication*: August 23, 1995
* Section 991.11, Wisconsin Statutes 1993-94: Effective date of acts. "Every act and every portion of an act enacted by the legislature over the governor's partial veto which does not expressly prescribe the time when it takes effect shall take effect on the day after its date of publication as designated" by the secretary of state [the date of publication may not be more than 10 working days after the date of enactment].
1995 WISCONSIN ACT 42
An Act to repeal 127.17 (1) (a) (title) and 127.17 (1) (b) 2. and 3.; to renumber and amend 127.01 (1), 127.01 (5t), 127.01 (25), 127.02 (3) (b) 1., 127.02 (3) (b) 2., 127.06 (2) (b), 127.06 (3), 127.10 (5), 127.13 (1), 127.17 (1) (intro.), 127.17 (1) (a), 127.17 (1) (b) 1., 127.17 (2) (c) and 127.17 (2) (e); to amend 20.115 (1) (jm), 127.01 (1r), 127.01 (4), 127.01 (5p), 127.01 (6), 127.01 (11), 127.01 (13), 127.01 (15), 127.01 (16), 127.01 (18), 127.01 (19) (intro.), 127.01 (21), 127.01 (22), 127.01 (28), 127.02 (title), (1) and (2), 127.02 (3) (a) and (am), 127.02 (3m), (4) and (5), 127.03 (2), 127.03 (3) (title) and (a) (intro.), 127.03 (3) (a) 2., 127.03 (3) (a) 3., 127.03 (3) (b), 127.03 (3) (bg), 127.03 (3m), (4) and (5), 127.04, 127.05, 127.06 (title), 127.06 (2) (title) and (a), 127.09, 127.10 (title), (1) and (2), 127.10 (4), 127.10 (6), 127.105, 127.11 (2), 127.12 (2), 127.13 (2) and (3), 127.15, 127.16, 127.17 (2) (title), (a) and (b), 127.17 (2) (c) (title), 127.17 (2) (d), 127.17 (2) (e) (title), 127.17 (3) and 127.17 (5); to repeal and recreate 127.01 (5d), 127.01 (8) and (9), 127.01 (13m) and (14), 127.01 (25m), 127.01 (26), 127.02 (3) (b) (title), 127.03 (title) and (1), 127.06 (1), 127.07, 127.13 (title) and 127.14; and to create 127.01 (5r), 127.01 (5t) (a) and (b), 127.01 (25) (b), 127.03 (3) (a) 2m., 127.03 (3) (bk), 127.05 (3) and (4), 127.06 (1m), 127.06 (3), 127.06 (5) and (6), 127.065, 127.067, 127.069, 127.10 (5) (b), 127.13 (1) (c) and 127.17 (1) (b) of the statutes; relating to: regulation of grain dealers and warehouse keepers.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
42,1 Section 1. 20.115 (1) (jm) of the statutes is amended to read:
20.115 (1) (jm) Warehouse keeper and grain dealer regulation. All moneys received from the warehouse keeper registration license and inspection fees and surcharges under s. 127.02 (3) and from the grain dealer registration license fees and surcharges under s. 127.03 (3) for the administration and enforcement of the warehouse keepers and grain dealers security act program under ch. 127.
42,2 Section 2. 127.01 (1) of the statutes is renumbered 127.01 (1) (intro.) and amended to read:
127.01 (1) (intro.) "Affiliate" means any of the following:
(a) An officer, director, or partner, member or manager of a warehouse keeper or grain dealer, any.
(b) A firm or corporation owned or operated by an officer, director, or partner, member or manager of a warehouse keeper or grain dealer and any.
(c) A person acting who, as agent for a warehouse keeper or grain dealer, who is engaged in the business of buying buys or receives grain from, or contracting for the growing of grain by, a producer on behalf of or contracts with a producer to grow grain for delivery to a warehouse keeper or grain dealer.
42,3 Section 3. 127.01 (1r) of the statutes is amended to read:
127.01 (1r) "Audited financial statement" means a financial statement on which an independent certified public accountant, or a an independent public accountant, who holds holding a certificate of authority under ch. 442, has expressed an opinion in accordance with according to generally accepted accounting principles and has conducted an audit in accordance with according to generally accepted auditing standards.
42,4 Section 4. 127.01 (4) of the statutes is amended to read:
127.01 (4) "Cash payment" means payment in the form of currency, certified check, money order, barter, or advance money transfer arrangement with a bank which is evidenced in writing or irrevocable letter of credit.
42,5 Section 5. 127.01 (5d) of the statutes is repealed and recreated to read:
127.01 (5d) "Class A grain dealer" means a person, other than an exempt grain dealer, a Class B grain dealer, a Class B2 grain dealer or a Class C grain dealer, who does any of the following:
(a) Buys grain from producers for resale or for introduction into commercial channels.
(b) Sells, on behalf of producers, grain received from those producers.
(c) A person who is a feeder of livestock or poultry or who operates a feed mill or other manufacturing facility if the person spends $400,000 or more during that person's fiscal year to buy grain from producers.
42,6 Section 6. 127.01 (5p) of the statutes is amended to read:
127.01 (5p) "Class B grain dealer" means a person that, other than a Class B2 grain dealer, who buys grain from producers only in connection with or incidental to the operation of a feed mill or other manufacturing operation and that expends facility operated by that person and who spends less than $400,000 annually for the purchase of during that person's fiscal year to buy grain from producers.
42,7 Section 7. 127.01 (5r) of the statutes is created to read:
127.01 (5r) "Class B2 grain dealer" means a person who buys grain from producers only in connection with the operation of a feed mill or other manufacturing facility operated by that person, who spends less than $50,000 during that person's fiscal year to buy grain from producers and who does not buy any grain under a deferred payment contract or a deferred price contract.
42,8 Section 8. 127.01 (5t) of the statutes is renumbered 127.01 (5t) (intro.) and amended to read:
127.01 (5t) (intro.) "Class C grain dealer" means a feeder of livestock or poultry, or a producer that expends less than $400,000 annually for the purchase of who buys grain from producers solely for his or her own use as a feed or seed or a producer that is engaged solely in selling grain that he or she has produced. "Class C grain dealer" does not include a person who does any of the following:
42,9 Section 9. 127.01 (5t) (a) and (b) of the statutes are created to read:
127.01 (5t) (a) Spends at least $400,000 during that person's fiscal year to buy grain from producers.
(b) Sells grain other than grain that the person produced.
42,10 Section 10. 127.01 (6) of the statutes is amended to read:
127.01 (6) "Current assets" means cash and assets , including trade or investment items, that may can be readily converted into cash in the ordinary course of business within one year after the date of the balance sheet.
42,11 Section 11. 127.01 (8) and (9) of the statutes are repealed and recreated to read:
127.01 (8) "Deferred payment contract" means a contract for the sale of grain from a producer to a grain dealer under which the grain dealer takes custody of the grain more than 7 calendar days before paying the producer in full for the grain.
(9) "Deferred price contract" means a contract for the sale of grain from a producer to a grain dealer under which the grain dealer takes custody of the grain before the grain dealer and the producer agree on the price that the grain dealer will pay for the grain.
42,12 Section 12. 127.01 (11) of the statutes is amended to read:
127.01 (11) "Depositor" means any of the following:
(a) A person who delivers grain to a warehouse keeper for storage, conditioning, shipping, or handling or eventual sale.
(b) An owner or legal holder of A person who owns or legally holds a scale ticket, warehouse receipt or other document that is issued by a warehouse keeper for grain, who is lawfully entitled to possession or payment for the grain represented by the ticket, receipt or other document and that entitles that person to receive possession of that grain or its equivalent.
42,13 Section 13. 127.01 (13) of the statutes is amended to read:
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.
42,14 Section 14. 127.01 (13m) and (14) of the statutes are repealed and recreated to read:
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.
(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.
42,15 Section 15. 127.01 (15) of the statutes is amended to read:
127.01 (15) "Federal act" means the federal warehouse act under 7 USC 241 to 271, in effect on September 1, 1985.
42,16 Section 16. 127.01 (16) of the statutes is amended to read:
127.01 (16) "Financial statement" means a financial statement that meets the requirements under s. 127.06 (2) complies with s. 127.06.
42,17 Section 17. 127.01 (18) of the statutes is amended to read:
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.
42,18 Section 18. 127.01 (19) (intro.) of the statutes is amended to read:
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:
42,19 Section 19. 127.01 (21) of the statutes is amended to read:
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.
42,20 Section 20. 127.01 (22) of the statutes is amended to read:
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.
42,21 Section 21. 127.01 (25) of the statutes is renumbered 127.01 (25) (intro.) and amended to read:
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:
(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.
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