(c) The date by which the milk contractor agrees to make full payment for the milk.
(d) The milk contractor's permanent business location.
(e) A statement in clear and conspicuous print immediately above the contract signature line stating: “The milk contractor (buyer) becomes the owner of any milk that the producer or producer agent (seller) delivers to the milk contractor under this contract. The producer or producer agent relinquishes ownership and control of the milk, and may become an unsecured creditor pending payment.”
(f) A statement that the milk contractor deducts the deferred payment contract assessment established by the department by rule under s. 126.46 (1) from the amount paid to a milk producer or producer agent under a deferred payment contract.
(g) Other information required under this section by the department.
(3) Rule making. The department may promulgate rules to modify the requirements for the contents of deferred payment contracts under sub. (2).
(4) Payment due dates. (a) The due date by which a milk contractor agrees to make full payment for milk under a deferred payment contract may not be more than 120 days after the date on which the milk contractor's payments would have been due under s. 126.48 (2).
(b) A milk contractor shall make full payment under a deferred payment contract by the due date specified in the contract under sub. (2) (c), or if the parties agree by another date that satisfies par. (a).
(5) Deferred payment contract assessment. From the amount that a milk contractor pays to a milk producer or producer agent under a deferred payment contract, the milk contractor shall deduct a deferred payment contract assessment. The assessment shall equal the total amount owed under the contract before the assessment is deducted, multiplied by the deferred payment assessment rate that applies under s. 126.46 (1) when the contract is made. The milk contractor shall disclose the assessment amount.
126.56 (2) (c) of the statutes is created to read:
126.56 (2) (c) A vegetable contractor who spends less than $15,000 per license year to procure processing vegetables from vegetable producers and producer agents.
126.56 (3) (f) of the statutes is repealed.
126.56 (9) (intro.) of the statutes is amended to read:
126.56 (9) Sworn and notarized Applicant statement. (intro.) As part of a license application under sub. (3), an applicant shall provide a sworn and notarized statement, signed by the applicant or an officer of the applicant, that reports all of the following:
126.58 (4m) of the statutes is amended to read:
126.58 (4m) Interim financial statement. The department may, at any time, require a vegetable contractor licensed under s. 126.56 (1) to file an interim financial statement with the department. The vegetable contractor shall provide, with the interim financial statement, the vegetable contractor's sworn and notarized statement that the financial statement is correct. An interim financial statement need not be a reviewed or audited financial statement.
126.70 (4) (gm) of the statutes is created to read:
126.70 (4) (gm) That the claim relates to a payment that first became due, under a deferred payment contract for milk, after the payment due date under s. 126.485 (4) (b).
126.70 (4) (L) of the statutes is created to read:
(L) That the claimant was eligible, at any time before filing a default claim under sub. (2), to file a claim against the defaulting contractor in a federal bankruptcy proceeding under 11 USC 101
et seq. initiated by a party other than the claimant, or a proceeding under ch. 128 initiated by a party other than the claimant, or both, and did not file a claim against the defaulting contractor in each proceeding in which the claimant was eligible to file a claim.
126.73 (4) of the statutes is created to read:
126.73 (4) Subrogation. The department is subrogated to the rights of a claimant who obtains a payment under s. 126.72 (1) or (2) in an amount equal to the payment, against the defaulting contractor and against any party that would otherwise be liable to the claimant for the amount of the default.
126.88 (1) (b) of the statutes is amended to read:
126.88 (1) (b) Maintain a combined fund balance attributable to grain dealers and grain warehouse keepers of at least $1,000,000 $1,200,000, but not more than $6,000,000 $7,000,000.
126.88 (1) (c) of the statutes is repealed.
(1) Emergency rules. Using the procedure under section 227.24 of the statutes, the department of agriculture, trade and consumer protection shall promulgate the rules required under section 126.46 (1) of the statutes for the period before the effective date of the permanent rules promulgated under section 126.46 (1) of the statutes. Notwithstanding section 227.24 (1) (c) and (2) of the statutes, a rule promulgated under this subsection may remain in effect for not more than 24 months. Notwithstanding section 227.24 (1) (a) and (3) of the statutes, the department is not required to provide evidence that promulgating a rule under this subsection as an emergency rule is necessary for the preservation of the public peace, health, safety, or welfare and is not required to provide a finding of emergency for a rule promulgated under this subsection.
(1) Disallowed claims. The treatment of section 126.70 (4) (L) of the statutes first applies to a claim that is filed on the effective date of this subsection.
This act takes effect on the 30th day after the day of publication, except as follows:
(1) Disallowed claims. The treatment of section 126.70 (4) (L) of the statutes takes effect on the 60th day after the effective date of this subsection.