126.05 (2) The department shall deposit into the fund all fees, surcharges, assessments, reimbursements, and proceeds of contingent financial backing that the department collects under this chapter. The department shall keep a record by contractor and industry, of all deposits into the fund. The department shall keep a record by industry of all payments from the fund.
296,2 Section 2. 126.06 (1) (intro.) of the statutes is amended to read:
126.06 (1) Department to may acquire. (intro.) Using moneys appropriated under s. 20.115 (1) (v), the department shall may acquire contingent financial backing to secure payment under s. 126.72 (2) of claims against contributing contractors, as defined in s. 126.68 (1). The contingent financial backing may be in one or more of the following forms:
296,3 Section 3. 126.06 (1) (c) and (d) of the statutes are created to read:
126.06 (1) (c) Trade credit insurance.
(d) Any other form that the department determines is appropriate.
296,4 Section 4. 126.06 (2) (intro.) (except 126.06 (2) (title)) of the statutes is repealed.
296,5 Section 5. 126.06 (2) (a) of the statutes is repealed and recreated to read:
126.06 (2) (a) Except as provided in par. (b), the department may determine the amount of any contingent financial backing that it obtains under sub. (1), up to the amount that, in the department's judgment, is sufficient to meet reasonably foreseeable needs under s. 126.72 (2). In making this determination, the department shall consider acquisition costs and repayment liabilities.
296,6 Section 6. 126.08 of the statutes is repealed.
296,7 Section 7. 126.11 (4) (intro.) and (a) of the statutes are amended to read:
126.11 (4) License fees and surcharges. (intro.) A grain dealer applying for an annual license under this section shall pay the following fees and surcharges, unless in the amounts that the department specifies a different fee or surcharge amount by rule:
(a) A nonrefundable basic license processing fee of $25.
296,8 Section 8. 126.11 (4) (b) (intro.) of the statutes is renumbered 126.11 (4) (b) and amended to read:
126.11 (4) (b) The following license fees A supplementary license fee based on the volume of grain dealer's reported grain payments by the grain dealer under sub. (9) (a) (d), less any credit provided under sub. (6):.
296,9 Section 9. 126.11 (4) (b) 1. to 3. of the statutes are repealed.
296,10 Section 10. 126.11 (4) (c) to (g) of the statutes are amended to read:
126.11 (4) (c) A supplementary license fee of $45 for each truck, in excess of one truck, that the grain dealer uses to haul grain in this state.
(d) A license surcharge of $425 if the grain dealer files a financial statement under s. 126.13 (1) that is not an audited financial statement.
(e) A license surcharge of $500 if the department determines that, within 365 days before submitting the license application, the applicant operated as a grain dealer without a license in violation of sub. (1). The applicant shall also pay any license fees, license surcharges, and fund assessments that are still due for any license year in which the applicant violated sub. (1).
(f) A license surcharge of $100 if during the preceding 12 months the applicant failed to file an annual financial statement required under s. 126.13 (1) (b) by the deadline specified in s. 126.13 (1) (c).
(g) A license surcharge of $100 if a renewal applicant fails to renew a license by the license expiration date of August 31. This paragraph does not apply to a grain dealer who is exempt under sub. (2) and is voluntarily licensed.
296,11 Section 11. 126.11 (6) of the statutes is amended to read:
126.11 (6) Fee credits. If the balance in the fund contributed by grain dealers exceeds $2,000,000 on June 30 May 31 of any license year, the department shall credit 50% of the excess amount against license fees charged under sub. (4) (b) to contributing grain dealers who file timely license renewal applications for the next license year. The department shall credit each contributing grain dealer on a prorated basis, in proportion to the total fees that the grain dealer paid under sub. (4) (b) for the 4 preceding license years as a contributing grain dealer.
296,12 Section 12. 126.11 (9) (a) of the statutes is amended to read:
126.11 (9) (a) The total amount that the applicant paid, during the applicant's last completed fiscal year, for producer grain procured in this state, less the total amount reported under par. (e) 3., if any. If the applicant has not yet operated as a grain dealer in this state, the applicant shall estimate the amount that the applicant will pay during the applicant's first complete fiscal year for producer grain procured in this state, less the total amount reported under par. (e) 3., if any.
296,13 Section 13. 126.11 (9) (d) and (e) of the statutes are created to read:
126.11 (9) (d) The total number of bushels of producer grain that the applicant procured in this state during the applicant's last completed fiscal year. If the applicant has not yet operated as a grain dealer in this state, the applicant shall estimate the total number of bushels of producer grain that the applicant will procure in this state during the applicant's first complete fiscal year.
(e) All of the following information related to each grain producer or producer agent that under s. 126.70 (1) (b) has permanently waived eligibility to file a default claim against the applicant:
1. A copy of the written waiver that the grain producer or producer agent filed under s. 126.70 (1) (c).
2. The total number of bushels of producer grain that the applicant procured in this state from that grain producer or producer agent during the applicant's last completed fiscal year. If the applicant has not yet operated as a grain dealer in this state, the applicant shall estimate the total number of bushels of producer grain that the applicant will procure in this state from that grain producer or producer agent during the applicant's first complete fiscal year.
3. The total amount that the applicant paid during the applicant's last completed fiscal year for producer grain that the applicant procured in this state from that grain producer or producer agent. If the applicant has not yet operated as a grain dealer in this state, the applicant shall estimate the total amount that the applicant will pay during the applicant's first complete fiscal year for producer grain that the applicant will procure in this state from that producer or producer agent.
4. The amount of payments under subd. 3. made under deferred payment contracts.
296,14 Section 14. 126.13 (1) (a) (intro.) of the statutes is amended to read:
126.13 (1) (a) (intro.) A grain dealer shall file an annual financial statement with the department, before the department first licenses the grain dealer under s. 126.11, if the grain dealer's license application reports shows any of the following:
296,15 Section 15. 126.13 (1) (a) 1. of the statutes is repealed and recreated to read:
126.13 (1) (a) 1. That the amount of grain reported under s. 126.11 (9) (d), less the total amount reported under s. 126.11 (9) (e) 2., if any, exceeds 200,000 bushels.
296,16 Section 16. 126.13 (1) (b) (intro.) of the statutes is amended to read:
126.13 (1) (b) (intro.) A grain dealer licensed under s. 126.11 shall file an annual financial statement with the department during each license year if the grain dealer's license application for that year reports shows any of the following:
296,17 Section 17. 126.13 (1) (b) 1. of the statutes is repealed and recreated to read:
126.13 (1) (b) 1. That the amount of grain reported under s. 126.11 (9) (d), less the total amount reported under s. 126.11 (9) (e) 2., if any, exceeds 200,000 bushels and the grain dealer is not a contributing grain dealer who procures grain in this state solely as a producer agent.
296,18 Section 18. 126.13 (3) of the statutes is repealed and recreated to read:
126.13 (3) Reviewed or audited financial statement. A grain dealer filing a financial statement under sub. (1) or (2) may file either a reviewed financial statement or an audited financial statement, except that if the volume of grain reported by the grain dealer under s. 126.11 (9) (d), less the total volume reported by the grain dealer under s. 126.11 (9) (e) 2., if any, exceeds 2,500,000 bushels, the grain dealer shall file an audited financial statement.
296,19 Section 19. 126.14 (2) (b) (intro.) of the statutes is amended to read:
126.14 (2) (b) (intro.) A grain dealer is disqualified from the fund, and required to pay cash on delivery for producer grain, if any of the following occurs:
296,20 Section 20. 126.14 (2) (b) 2. of the statutes is amended to read:
126.14 (2) (b) 2. The department issues a written notice an order under s. 126.85 disqualifying the grain dealer for cause, including failure to pay fund assessments under s. 126.15 when due or failure to file a financial statement under s. 126.13 when due from the fund.
296,21 Section 21. 126.14 (2) (b) 3. and 4. of the statutes are repealed.
296,22 Section 22. 126.14 (4) and (5) of the statutes are created to read:
126.14 (4) Notice to producers. A grain dealer who is disqualified from the fund shall immediately give written notice of that disqualification to all grain producers and producer agents to whom the grain dealer has unpaid contract obligations for producer grain produced in this state. The department may by rule or order specify the form and content of the notice.
(5) Disqualified grain dealer to pay cash on delivery. A grain dealer who is disqualified from the fund shall pay cash on delivery for all producer grain procured in this state.
296,23 Section 23. 126.15 (1) (c) of the statutes is amended to read:
126.15 (1) (c) The grain dealer's deferred payment assessment. The deferred payment assessment for a license year equals the grain dealer's deferred payment assessment rate under sub. (6) multiplied by the payment amount, if any, that the grain dealer reports under s. 126.11 (9) (b) in the grain dealer's license application for that license year, less any amount reported under s. 126.11 (9) (e) 4., multiplied by the grain dealer's deferred payment assessment rate under sub. (6).
296,24 Section 24. 126.15 (6) of the statutes is amended to read:
126.15 (6) Deferred payment assessment rate. A grain dealer's deferred payment assessment rate is 0.0035, except that it is 0.002 for the grain dealer's 5th or higher consecutive full license year as a contributing grain dealer unless the department specifies a different rate by rule.
296,25 Section 25. 126.16 (1) (b) (intro.) and 2. of the statutes are consolidated, renumbered 126.16 (1) (b) and amended to read:
126.16 (1) (b) A grain dealer who reports any deferred payment contract obligations under s. 126.11 (9) (c) or 126.13 (1) (d), other than deferred payment contract obligations to a grain producer or producer agent who permanently waived eligibility to file a default claim under s. 126.70 (1) (b) and (c), shall file security with the department, and maintain that security until the department releases it under sub. (8) (b), unless the grain dealer has positive equity and one of the following applies: 2. The the grain dealer's annual financial statement under s. 126.13 covers a fiscal year ending after January 1, 2006, and (1) shows a debt to equity ratio of not more than 4.0 to 1.0.
296,26 Section 26. 126.16 (1) (b) 1. of the statutes is repealed.
296,27 Section 27. 126.16 (1) (c) 2. (intro.) of the statutes is renumbered 126.16 (1) (c) 2. and amended to read:
126.16 (1) (c) 2. A grain dealer shall file security with the department, and maintain that security until the department releases it under sub. (8) (bm), if the grain dealer files an annual financial statement under s. 126.13 (1) that shows negative equity, a current ratio of less than 1.25 to 1.0, or a debt to equity ratio of more than 4.0 to 1.0 and the grain dealer's estimated default exposure is greater than the following amount: $20,000,000.
296,28 Section 28. 126.16 (1) (c) 2. a. to c. of the statutes are repealed.
296,29 Section 29. 126.16 (2) of the statutes is repealed.
296,30 Section 30. 126.16 (3) (b) (intro.) and 3. of the statutes are consolidated, renumbered 126.16 (3) (b) and amended to read:
126.16 (3) (b) A grain dealer who is only required to file or maintain security only under sub. (1) (c) shall at all times maintain security equal to the grain dealer's estimated default exposure, as defined in sub. (1) (c) 1., less the following amount: 3. For a license year that begins on September 1, 2005, or later, $20,000,000.
296,31 Section 31. 126.16 (3) (b) 1. and 2. of the statutes are repealed.
296,32 Section 32. 126.16 (4) (e) of the statutes is repealed.
296,33 Section 33. 126.16 (8) (c) of the statutes is repealed.
296,34 Section 34. 126.17 (3) (a) (intro.) of the statutes is renumbered 126.17 (3) (a) and amended to read:
126.17 (3) (a) A grain dealer shall keep copies of all of the following records required under this section and s. 126.18 (2) for at least 6 years after the records are created:.
296,35 Section 35. 126.17 (3) (a) 1. and 2. of the statutes are repealed.
296,36 Section 36. 126.19 (4) of the statutes is renumbered 126.19 (4) (a) and amended to read:
126.19 (4) (a) A grain dealer may not enter into a deferred payment contract with a grain producer or producer agent unless the deferred payment contract clearly discloses that it is not a storage contract. Whenever a grain dealer buys grain from a grain producer under a deferred payment contract, the grain dealer shall include includes the following statement in capitalized, boldface clear and conspicuous print immediately above the contract signature line: "This is not a storage contract. The grain dealer (buyer) becomes the owner of any grain that the producer or producer agent (seller) delivers to the grain dealer under this contract. The producer or producer agent relinquishes ownership and control of the grain, and becomes may become an unsecured creditor pending payment."
296,37 Section 37. 126.19 (4) (b) of the statutes is created to read:
126.19 (4) (b) A grain dealer may not enter into a deferred payment contract under which a grain producer or producer agent agrees to receive payment for grain more than 120 days after delivering the grain to the grain dealer unless the deferred payment contract clearly and conspicuously discloses that if the grain dealer defaults on payment under the deferred payment contract, any claim filed by the producer or producer agent with the department under s. 126.70 will be disallowed. The department may by rule or order specify the form and content of the disclosure.
296,38 Section 38. 126.20 (4) (intro.) and (a) of the statutes are amended to read:
126.20 (4) Prohibited practices. (intro.) No grain dealer, or officer, employee, or agent of a grain dealer, may do any of the following:
(a) Misrepresent the weight, grade, or quality of producer grain received from or delivered to any person.
296,39 Section 39. 126.20 (4) (g) of the statutes is created to read:
126.20 (4) (g) Assault, threaten, intimidate, or otherwise interfere with an officer, employee, or agent of the department in the performance of his or her duties.
296,40 Section 40. 126.26 (3) (intro.) and (a) of the statutes are amended to read:
126.26 (3) License fees and surcharges. (intro.) A person applying for a grain warehouse keeper license shall pay the following fees and surcharges, unless in the amounts that the department specifies a different fee or surcharge amount by rule:
(a) A nonrefundable basic license processing fee of $25 plus $25 for each grain warehouse identified under sub. (2) (d). If a grain warehouse keeper operates 2 or more grain warehouses located within 0.5 mile of each other, the grain warehouse keeper may treat those grain warehouses as a single grain warehouse for purposes of this paragraph and par. (c) fee, which may be based on the number of grain warehouses that the applicant operates.
296,41 Section 41. 126.26 (3) (b) of the statutes is repealed and recreated to read:
126.26 (3) (b) A grain warehouse inspection fee, which may be based on the number and sizes of the grain warehouses that the applicant operates.
296,42 Section 42. 126.26 (3) (c) to (f) of the statutes are amended to read:
126.26 (3) (c) A supplementary inspection fee of $275 for each grain warehouse that the applicant operates in excess of one grain warehouse.
(d) A license surcharge of $500 if the department determines that, within 365 days before submitting the license application, the applicant operated as a grain warehouse keeper without a license in violation of sub. (1). The applicant shall also pay any license fees, license surcharges, and fund assessments that are still due for the license year in which the applicant violated sub. (1).
(e) A license surcharge of $100 if during the preceding 12 months the applicant failed to file an annual financial statement required under s. 126.28 (1) (b) by the applicable deadline.
(f) A license surcharge of $100 if a renewal applicant fails to renew a license by the license expiration date of August 31.
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