SB55-ASA1-AA1,860,87
2. A fee of $550 if the combined capacity of the applicant's grain warehouses
8is at least 150,000 bushels but less than 250,000 bushels.
SB55-ASA1-AA1,860,109
3. A fee of $600 if the combined capacity of the applicant's grain warehouses
10is at least 250,000 bushels but less than 500,000 bushels.
SB55-ASA1-AA1,860,1211
4. A fee of $650 if the combined capacity of the applicant's grain warehouses
12is at least 500,000 bushels but less than 750,000 bushels.
SB55-ASA1-AA1,860,1413
5. A fee of $700 if the combined capacity of the applicant's grain warehouses
14is at least 750,000 bushels but less than 1,000,000 bushels.
SB55-ASA1-AA1,860,1615
6. A fee of $800 if the combined capacity of the applicant's grain warehouses
16is at least 1,000,000 bushels but less than 2,000,000 bushels.
SB55-ASA1-AA1,860,1817
7. A fee of $900 if the combined capacity of the applicant's grain warehouses
18is at least 2,000,000 bushels but less than 3,000,000 bushels.
SB55-ASA1-AA1,860,2019
8. A fee of $1,000 if the combined capacity of the applicant's grain warehouses
20is at least 3,000,000 bushels but less than 4,000,000 bushels.
SB55-ASA1-AA1,860,2221
9. A fee of $1,100 if the combined capacity of the applicant's grain warehouses
22is 4,000,000 bushels or more.
SB55-ASA1-AA1,860,2423
(c) A supplementary inspection fee of $275 for each grain warehouse that the
24applicant operates in excess of one grain warehouse.
SB55-ASA1-AA1,861,5
1(d) A license surcharge of $500 if the department determines that, within 365
2days before submitting the license application, the applicant operated as a grain
3warehouse keeper without a license in violation of sub. (1). The applicant shall also
4pay any license fees, license surcharges, and fund assessments that are still due for
5the license year in which the applicant violated sub. (1).
SB55-ASA1-AA1,861,86
(e) A license surcharge of $100 if during the preceding 12 months the applicant
7failed to file an annual financial statement required under s. 126.28 (1) (b) by the
8applicable deadline.
SB55-ASA1-AA1,861,109
(f) A license surcharge of $100 if a renewal applicant fails to renew a license
10by the license expiration date of August 31.
SB55-ASA1-AA1,861,13
11(3m) Effect of payment of surcharge. Payment under sub. (3) (d) does not
12relieve the applicant of any other civil or criminal liability that results from the
13violation of sub. (1), but does not constitute evidence of any law violation.
SB55-ASA1-AA1,861,16
14(4) L
icense for part of year; fees. A person who applies for an annual grain
15warehouse keeper license after the beginning of a license year shall pay the full
16annual fee amounts required under sub. (3).
SB55-ASA1-AA1,861,23
17(5) F
ee credit. If the fund balance contributed by grain warehouse keepers
18exceeds $300,000 on June 30 of any license year, the department shall credit 12.5%
19of the excess amount against fees charged under sub. (3) (b) to contributing grain
20warehouse keepers who file timely license renewal applications for the next license
21year. The department shall credit each contributing grain warehouse keeper on a
22prorated basis, in proportion to the total fees that the warehouse keeper has paid
23under sub. (3) (b) for the 4 preceding license years.
SB55-ASA1-AA1,862,2
24(6) F
ee statement. The department shall provide, with each license application
25form, a written statement of all license fees and surcharges required under sub. (3)
1or the formula for determining them. The department shall specify any fee credit for
2which the applicant may qualify under sub. (5).
SB55-ASA1-AA1,862,7
3(7) N
o license without full payment. The department may not grant a license
4under sub. (1) until the applicant pays all license fees and surcharges identified in
5the department's statement under sub. (6). The department shall refund a fee or
6surcharge paid under protest if upon review the department determines that the fee
7or surcharge is not applicable.
SB55-ASA1-AA1,862,12
8(8) Action granting or denying application. The department shall grant or
9deny a license application under sub. (2) within 30 days after the department
10receives a complete application. If the department denies a license application, the
11department shall give the applicant a written notice stating the reasons for the
12denial.
SB55-ASA1-AA1,862,15
13(9) License displayed. A grain warehouse keeper who is required to hold a
14license under sub. (1) shall prominently display a copy of that license at each grain
15warehouse.
SB55-ASA1-AA1,862,21
16(10) Notification. A licensed warehouse keeper shall notify the department,
17in writing, before the warehouse keeper adds a grain warehouse or changes the
18location or capacity of any grain warehouse. In the notice, the grain warehouse
19keeper shall specify any change in the combined capacity of grain warehouses
20operated by the grain warehouse keeper resulting from the proposed addition or
21change.
SB55-ASA1-AA1,863,2
22126.27 Grain warehouse keepers; insurance. (1) F
ire and extended
23coverage insurance. A grain warehouse keeper licensed under s. 126.26 (1) shall
24maintain fire and extended coverage insurance, issued by an insurance company
25authorized to do business in this state, that covers all grain in the custody of the grain
1warehouse keeper, whether owned by the grain warehouse keeper or held for others,
2at the full local market value of the grain.
SB55-ASA1-AA1,863,6
3(2) I
nsurance cancellation; replacement. (a) No person may cancel an
4insurance policy required under sub. (1) unless that person serves a written notice
5of the intended cancellation on the department at least 30 days before the
6cancellation takes effect.
SB55-ASA1-AA1,863,137
(b) Whenever an insurance policy under sub. (1) is canceled, the grain
8warehouse keeper shall replace the policy so that there is no lapse in coverage.
9Within 20 days after a cancellation notice under par. (a) is served on the department,
10and at least 10 days before the cancellation takes effect, the grain warehouse keeper
11shall provide the department with proof of the replacement policy. The department
12may accept, as proof, a certification provided by an insurance company licensed to
13do business in this state.
SB55-ASA1-AA1,863,20
14(3) Insurance deductibles. An insurance policy does not comply with sub. (1)
15if it contains any deductible clause that limits the insurer's obligation to pay to each
16depositor the full value of the depositor's covered losses under the policy. The grain
17warehouse keeper may agree to indemnify the insurer for a portion of each depositor
18claim that the insurer pays under the policy if the agreement does not limit the
19insurer's obligation to pay each depositor the full amount of the depositor's covered
20losses.
SB55-ASA1-AA1,863,23
21(4) I
nsurance disclosures. A grain warehouse keeper licensed under s. 126.26
22(1) shall disclose all of the following to a depositor if the depositor requests that
23information:
SB55-ASA1-AA1,863,2524
(a) The material terms of the grain warehouse keeper's fire and extended
25coverage insurance policy under sub. (1).
SB55-ASA1-AA1,864,3
1(b) Whether the grain warehouse keeper has liability insurance covering the
2grain warehouse keeper's grain operations, and the material terms of that liability
3insurance policy.
SB55-ASA1-AA1,864,5
4(5) I
nsurance coverage; misrepresentation. No grain warehouse keeper may
5misrepresent any of the following to the department or a depositor:
SB55-ASA1-AA1,864,66
(a) That the grain warehouse keeper is insured.
SB55-ASA1-AA1,864,87
(b) The nature, coverage, or material terms of the grain warehouse keeper's
8insurance policy.
SB55-ASA1-AA1,864,13
9126.28 Grain warehouse keepers; financial statements. (1) R
equired
10annual financial statement. (a) A grain warehouse keeper shall file an annual
11financial statement with the department before the department first licenses the
12warehouse keeper under s. 126.26 (1), if the warehouse keeper operates grain
13warehouses with a combined capacity of more than 300,000 bushels.
SB55-ASA1-AA1,864,2214
(b) A grain warehouse keeper licensed under s. 126.26 (1) shall file an annual
15financial statement with the department during each license year if the grain
16warehouse keeper operates warehouses with a combined capacity of more than
17300,000 bushels. The grain warehouse keeper shall file the annual financial
18statement by the 15th day of the 4th month following the close of the grain warehouse
19keeper's fiscal year, except that the department may extend the annual filing
20deadline for up to 30 days if the grain warehouse keeper, or the accountant reviewing
21or auditing the financial statement, files a written extension request at least 10 days
22before the filing deadline.
SB55-ASA1-AA1,865,2
23(2) V
oluntary annual financial statement. A contributing grain warehouse
24keeper who is not required to file an annual financial statement under sub. (1) may
1file an annual financial statement with the department in order to qualify for a lower
2fund assessment under s. 126.30.
SB55-ASA1-AA1,865,6
3(3) R
eviewed or audited financial statement. (a) A grain warehouse keeper
4filing an annual financial statement under sub. (1) or (2) shall file an audited
5financial statement if the warehouse keeper operates grain warehouses with a
6combined capacity of more than 500,000 bushels.
SB55-ASA1-AA1,865,97
(b) If par. (a) does not apply, a grain warehouse keeper filing an annual financial
8statement under sub. (1) or (2) shall file either a reviewed financial statement or an
9audited financial statement.
SB55-ASA1-AA1,865,13
10(4) A
ccounting period. A grain warehouse keeper filing an annual financial
11statement under sub. (1) or (2) shall file a financial statement that covers the grain
12warehouse keeper's last completed fiscal year unless the grain warehouse keeper has
13been in business for less than one year.
SB55-ASA1-AA1,865,19
14(4m) I
nterim financial statement. The department may, at any time, require
15a grain warehouse keeper licensed under s. 126.26 (1) to file an interim financial
16statement with the department. The grain warehouse keeper shall provide, with the
17interim financial statement, the warehouse keeper's sworn and notarized statement
18that the financial statement is correct. An interim financial statement need not be
19a reviewed financial statement or an audited financial statement.
SB55-ASA1-AA1,865,23
20(5) G
enerally accepted accounting principles. (a) Except as provided in par.
21(b), a grain warehouse keeper filing an annual financial statement under this section
22shall file a financial statement that is prepared according to generally accepted
23accounting principles.
SB55-ASA1-AA1,866,3
1(b) If a grain warehouse keeper is a sole proprietor and the grain warehouse
2keeper's financial statement is not audited, the grain warehouse keeper shall file a
3financial statement that is prepared on a historical cost basis.
SB55-ASA1-AA1,866,9
4(6) F
inancial statement contents. (a) Except as provided in par. (b), a grain
5warehouse keeper filing a financial statement under this section shall file a financial
6statement that consists of a balance sheet, income statement, equity statement,
7statement of cash flows, notes to those statements, and any other information
8required by the department. A grain warehouse keeper who is a sole proprietor shall
9file his or her business and personal financial statements.
SB55-ASA1-AA1,866,1210
(b) If a grain warehouse keeper has been in business for less than one year, the
11grain warehouse keeper may file an annual financial statement under sub. (1) or (2)
12that consists of a balance sheet and notes.
SB55-ASA1-AA1,866,1513
(c) A grain warehouse keeper filing a financial statement under this section
14shall include in the financial statement, or in an attachment to the financial
15statement, calculations of all of the following:
SB55-ASA1-AA1,866,1716
1. The grain warehouse keeper's current ratio, excluding any assets required
17to be excluded under sub. (7).
SB55-ASA1-AA1,866,1918
2. The grain warehouse keeper's debt to equity ratio, excluding any assets
19required to be excluded under sub. (7).
SB55-ASA1-AA1,866,22
20(7) A
ssets excluded. A grain warehouse keeper may not include any of the
21following assets in calculating the ratios under sub. (6) (c), unless the department
22specifically approves their inclusion:
SB55-ASA1-AA1,867,223
(a) A nontrade note or account receivable from an officer, director, employee,
24partner, or stockholder, or from a member of the family of any of those individuals,
1unless the note or account receivable is secured by a first priority security interest
2in real or personal property.
SB55-ASA1-AA1,867,43
(b) A note or account receivable from a parent organization, a subsidiary, or an
4affiliate other than an employee.
SB55-ASA1-AA1,867,75
(c) A note or account that has been receivable for more than one year, unless
6the grain warehouse keeper has established an equal offsetting reserve for
7uncollectible notes and accounts receivable.
SB55-ASA1-AA1,867,10
8(9) E
ntity covered. A person filing a financial statement under this section
9may not file, in lieu of that person's financial statement, the financial statement of
10the person's parent organization, subsidiary, predecessor, or successor.
SB55-ASA1-AA1,867,13
11(10) D
epartment review. The department may analyze a financial statement
12submitted under this section and may reject a financial statement that fails to
13comply with this section.
SB55-ASA1-AA1,867,17
14126.29 Contributing grain warehouse keepers; disqualification. (1) 15C
ontribution required. A grain warehouse keeper licensed under s. 126.26 (1) shall
16pay fund assessments under s. 126.30 unless the grain warehouse keeper is
17disqualified under sub. (2).
SB55-ASA1-AA1,867,20
18(2) D
isqualified warehouse keeper. (a) A grain warehouse keeper who is
19required to file security under s. 126.31 (1) is disqualified from the fund until the
20department releases that security under s. 126.31 (8) (a).
SB55-ASA1-AA1,867,2221
(b) A grain warehouse keeper is disqualified from the fund if the department
22denies, suspends, or revokes the grain warehouse keeper's license.
SB55-ASA1-AA1,867,25
23(3) Payments by disqualified grain warehouse keeper. (a) The department
24may not return, to a disqualified grain warehouse keeper, any fund assessments that
25the warehouse keeper paid as a contributing grain warehouse keeper.
SB55-ASA1-AA1,868,5
1(b) A disqualified grain warehouse keeper remains liable for any unpaid fund
2installment under s. 126.30 that became due while the grain warehouse keeper was
3a contributing grain warehouse keeper. A disqualified grain warehouse keeper is not
4liable for any fund installment that becomes due after the grain warehouse keeper
5is disqualified under sub. (2).
SB55-ASA1-AA1,868,9
6126.30 Grain warehouse keepers; fund assessments. (1) General. A
7contributing grain warehouse keeper shall pay an annual fund assessment for each
8license year. The assessment equals $20 or the sum of the following, whichever is
9greater, unless the department by rule specifies a different assessment:
SB55-ASA1-AA1,868,1410
(a) The grain warehouse keeper's current ratio assessment. The current ratio
11assessment for a license year is the amount, expressed as dollars, equal to the grain
12warehouse keeper's current ratio assessment rate under sub. (2) multiplied by the
13number of bushels that the grain warehouse keeper reports under s. 126.26 (2) (e)
14or (10).
SB55-ASA1-AA1,868,1915
(b) The warehouse keeper's debt to equity ratio assessment. The debt to equity
16ratio assessment for each license year is the amount, expressed as dollars, equal to
17the grain warehouse keeper's debt to equity ratio assessment rate under sub. (4)
18multiplied by the number of bushels that the warehouse keeper reports under s.
19126.26 (2) (e) or (10).
SB55-ASA1-AA1,868,21
20(2) C
urrent ratio assessment rate. A grain warehouse keeper's current ratio
21assessment rate is calculated, at the beginning of the license year, as follows:
SB55-ASA1-AA1,869,222
(a) If the grain warehouse keeper has filed an annual financial statement
23under s. 126.28 and that financial statement shows a current ratio of at least 1.25
24to 1.0, the grain warehouse keeper's current ratio assessment rate equals the greater
1of zero or the current ratio assessment factor in sub. (3) (a) multiplied by an amount
2determined as follows:
SB55-ASA1-AA1,869,33
1. Subtract one from the current ratio.
SB55-ASA1-AA1,869,44
2. Divide the amount determined under subd. 1. by 3.
SB55-ASA1-AA1,869,55
3. Multiply the amount determined under subd. 2. by negative one.
SB55-ASA1-AA1,869,66
4. Raise the amount determined under subd. 3. to the 3rd power.
SB55-ASA1-AA1,869,77
5. Subtract 0.75 from the current ratio.
SB55-ASA1-AA1,869,88
6. Divide 0.65 by the amount determined under subd. 5.
SB55-ASA1-AA1,869,99
7. Raise the amount determined under subd. 6. to the 5th power.
SB55-ASA1-AA1,869,1110
8. Add the amount determined under subd. 4. to the amount determined under
11subd. 7.
SB55-ASA1-AA1,869,1212
9. Add 2 to the amount determined under subd. 8.
SB55-ASA1-AA1,869,1713
(b) If the grain warehouse keeper has filed an annual financial statement
14under s. 126.28 and that financial statement shows a current ratio of less than 1.25
15to 1.0, but greater than 1.0 to 1.0, the grain warehouse keeper's current ratio
16assessment rate equals the current ratio assessment factor in sub. (3) (b) multiplied
17by the following amount:
SB55-ASA1-AA1,869,1818
1. Subtract one from the current ratio.
SB55-ASA1-AA1,869,1919
2. Divide the amount determined under subd. 1. by 3.
SB55-ASA1-AA1,869,2020
3. Multiply the amount determined under subd. 2. by negative one.
SB55-ASA1-AA1,869,2121
4. Raise the amount determined under subd. 3. to the 3rd power.
SB55-ASA1-AA1,869,2222
5. Subtract 0.75 from the current ratio.
SB55-ASA1-AA1,869,2323
6. Divide 0.65 by the amount determined under subd. 5.
SB55-ASA1-AA1,869,2424
7. Raise the amount determined under subd. 6. to the 5th power.
SB55-ASA1-AA1,870,2
18. Add the amount determined under subd. 4. to the amount determined under
2subd. 7.
SB55-ASA1-AA1,870,33
9. Add 2 to the amount determined under subd. 8.
SB55-ASA1-AA1,870,74
(c) If the grain warehouse keeper has filed an annual financial statement under
5s. 126.28 and that financial statement shows a current ratio of less than or equal to
61.0 to 1.0, the warehouse keeper's current ratio assessment rate equals the current
7ratio assessment factor in sub. (3) (b) multiplied by 120.81376.
SB55-ASA1-AA1,870,108
(d) If the grain warehouse keeper has not filed an annual financial statement
9under s. 126.28, the warehouse keeper's current ratio assessment rate equals the
10current ratio assessment factor in sub. (3) (b) multiplied by 5.71235.
SB55-ASA1-AA1,870,15
11(3) C
urrent ratio assessment factor. (a) A grain warehouse keeper's current
12ratio assessment factor under sub. (2) (a) is 0.00003 except that, for the grain
13warehouse keeper's 5th or higher consecutive full license year as a contributing grain
14warehouse keeper, the grain warehouse keeper's current ratio assessment factor is
15zero.
SB55-ASA1-AA1,870,1916
(b) A grain warehouse keeper's current ratio assessment factor under sub. (2)
17(b) to (d) is 0.000045 except that, for the grain warehouse keeper's 5th or higher
18consecutive full license year as a contributing grain warehouse keeper, the grain
19warehouse keeper's current ratio assessment factor is 0.000036.
SB55-ASA1-AA1,870,22
20(4) D
ebt to equity ratio assessment rate. A grain warehouse keeper's debt to
21equity ratio assessment rate is calculated, at the beginning of the license year, as
22follows:
SB55-ASA1-AA1,871,223
(a) If the grain warehouse keeper has filed an annual financial statement
24under s. 126.28 and that financial statement shows positive equity and a debt to
25equity ratio of not more than 4.0 to 1.0, the grain warehouse keeper's debt to equity
1ratio assessment rate equals the greater of zero or the debt to equity ratio assessment
2factor in sub. (5) (a) multiplied by the following amount:
SB55-ASA1-AA1,871,33
1. Subtract 4 from the debt to equity ratio.
SB55-ASA1-AA1,871,44
2. Divide the amount determined under subd. 1. by 3.
SB55-ASA1-AA1,871,55
3. Raise the amount determined under subd. 2. to the 3rd power.
SB55-ASA1-AA1,871,66
4. Subtract 1.7 from the debt to equity ratio.