126.13(7)
(7) Assets excluded. A grain dealer may not include any of the following assets in the calculations under
sub. (6) (c) unless the department specifically approves their inclusion:
126.13(7)(a)
(a) A nontrade note or account receivable from an officer, director, employee, partner, or stockholder, or from a member of the family of any of those individuals, unless the note or account receivable is secured by a first priority security interest in real or personal property.
126.13(7)(b)
(b) A note or account receivable from a parent organization, a subsidiary, or an affiliate, other than an employee.
126.13(7)(c)
(c) A note or account that has been receivable for more than one year, unless the grain dealer has established an offsetting reserve for uncollectible notes and accounts receivable.
126.13(9)
(9) Entity covered. A person filing a financial statement under this section may not file, in lieu of that person's financial statement, the financial statement of the person's parent organization, subsidiary, predecessor, or successor.
126.13(10)
(10) Department review. The department may analyze a financial statement submitted under this section and may reject a financial statement that fails to comply with this section.
126.13 History
History: 2001 a. 16.
126.14
126.14
Contributing grain dealers; disqualification. 126.14(1)(1)
Contribution required. A grain dealer who is required to be licensed under
s. 126.11 (1) shall pay fund assessments under
s. 126.15 unless the grain dealer is disqualified under
sub. (2). A grain dealer who is voluntarily licensed under
s. 126.11 may pay voluntary assessments under
s. 126.15, unless the grain dealer is disqualified under
sub. (2).
126.14(2)(b)
(b) A grain dealer is disqualified from the fund, and required to pay cash on delivery for producer grain, if any of the following occurs:
126.14(2)(b)1.
1. The department denies, suspends, or revokes the grain dealer's license.
126.14(2)(b)2.
2. The department issues a written notice 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.
126.14(2)(b)3.
3. The grain dealer fails to reimburse the department, within 60 days after the department issues a reimbursement demand under
s. 126.73 (1), for the full amount that the department pays to claimants under
s. 126.72 (1) or under
s. 126.72 (2) with the proceeds of a loan under
s. 126.06 (1) (b) because of that grain dealer's default.
126.14(2)(b)4.
4. The grain dealer fails to reimburse a bond surety, within 60 days after the bond surety issues a reimbursement demand under
s. 126.73 (2), for the full amount that the surety pays to the department under
s. 126.72 (2) for the benefit of claimants affected by that grain dealer's default.
126.14(3)
(3) Payments by disqualified grain dealer. 126.14(3)(a)(a) The department may not return to a disqualified grain dealer any fund assessments that the grain dealer paid as a contributing grain dealer.
126.14(3)(b)
(b) A disqualified grain dealer remains liable for any unpaid fund installment under
s. 126.15 that became due while the grain dealer was a contributing grain dealer. A disqualified grain dealer is not liable for any fund installment that becomes due after the grain dealer is disqualified under
sub. (2).
126.14 History
History: 2001 a. 16;
2003 a. 38.
126.15
126.15
Contributing grain dealers; fund assessments. 126.15(1)(1)
General. A contributing grain dealer shall pay an annual fund assessment for each license year. Except as provided in
sub. (6m), the assessment equals $20 or the sum of the following, whichever is greater, unless the department by rule specifies a different assessment:
126.15(1)(a)
(a) The grain dealer's current ratio assessment. The current ratio assessment for a license year equals the grain dealer's current ratio assessment rate under
sub. (2) multiplied by the amount reported under
s. 126.11 (9) (a) in the grain dealer's license application for that license year.
126.15(1)(b)
(b) The grain dealer's debt to equity ratio assessment. The debt to equity ratio assessment for a license year equals the grain dealer's debt to equity ratio assessment rate under
sub. (4) multiplied by the amount reported under
s. 126.11 (9) (a) in the grain dealer's license application for that license year.
126.15(1)(c)
(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.
126.15(2)
(2) Current ratio assessment rate. A grain dealer's current ratio assessment rate is calculated, at the beginning of the license year, as follows:
126.15(2)(a)
(a) If the grain dealer has filed an annual financial statement under
s. 126.13 and that financial statement shows a current ratio of at least 1.25 to 1.0, the grain dealer's current ratio assessment rate equals the greater of zero or the current ratio assessment factor in
sub. (3) (a) multiplied by the following amount:
126.15(2)(a)3.
3. Multiply the amount determined under
subd. 2. by negative one.
126.15(2)(a)8.
8. Add the amount determined under
subd. 4. to the amount determined under
subd. 7.
126.15(2)(b)
(b) If the grain dealer has filed an annual financial statement under
s. 126.13 and that financial statement shows a current ratio of less than 1.25 to 1.0, but greater than 1.0 to 1.0, the grain dealer's current ratio assessment rate equals the current ratio assessment factor in
sub. (3) (b) multiplied by the following amount:
126.15(2)(b)3.
3. Multiply the amount determined under
subd. 2. by negative one.
126.15(2)(b)8.
8. Add the amount determined under
subd. 4. to the amount determined under
subd. 7.
126.15(2)(c)
(c) If the grain dealer has filed an annual financial statement under
s. 126.13 and that financial statement shows a current ratio of less than or equal to 1.0 to 1.0, the grain dealer's current ratio assessment rate equals the current ratio assessment factor in
sub. (3) (b) multiplied by 120.81376.
126.15(2)(d)
(d) Except as provided in
par. (e), if the grain dealer has not filed an annual financial statement under
s. 126.13, the grain dealer's current ratio assessment rate equals the current ratio assessment factor in
sub. (3) (b) multiplied by 5.71235.
126.15(2)(e)
(e) If the grain dealer has not filed an annual financial statement under
s. 126.13 and the grain dealer procures grain in this state solely as a producer agent, the grain dealer's current ratio assessment rate is 0.00025, except that, for the grain dealer's 5th or higher consecutive full license year of participation in the fund, the grain dealer's current ratio assessment rate is 0.000175.
126.15(3)
(3) Current ratio assessment factor. 126.15(3)(a)(a) A grain dealer's current ratio assessment factor under
sub. (2) (a) is 0.00003 except that, for the grain dealer's 5th or higher consecutive full license year as a contributing grain dealer, the grain dealer's current ratio assessment factor is zero.
126.15(3)(b)
(b) A grain dealer's current ratio assessment factor under
sub. (2) (b) to
(d) is 0.000045 except that, for the grain dealer's 5th or higher consecutive full license year as a contributing grain dealer, the grain dealer's current ratio assessment factor is 0.000036.
126.15(4)
(4) Debt to equity assessment rate. A grain dealer's debt to equity ratio assessment rate is calculated, at the beginning of the license year, as follows:
126.15(4)(a)
(a) If the grain dealer has filed an annual financial statement under
s. 126.13 and that financial statement shows positive equity and a debt to equity ratio of not more than 4.0 to 1.0, the grain dealer's debt to equity ratio assessment rate equals the greater of zero or the debt to equity ratio assessment factor in
sub. (5) (a) multiplied by the following amount:
126.15(4)(a)7.
7. Add the amount determined under
subd. 3. to the amount determined under
subd. 6.
126.15(4)(b)
(b) If the grain dealer has filed an annual financial statement under
s. 126.13 and that financial statement shows a debt to equity ratio of greater than 4.0 to 1.0, but less than 5.0 to 1.0, the grain dealer's debt to equity ratio assessment rate equals the debt to equity ratio assessment factor in
sub. (5) (b) multiplied by the following amount:
126.15(4)(b)7.
7. Add the amount determined under
subd. 3. to the amount determined under
subd. 6.
126.15(4)(c)
(c) If the grain dealer has filed an annual financial statement under
s. 126.13 and that financial statement shows negative equity or a debt to equity ratio of at least 5.0 to 1.0, the grain dealer's debt to equity ratio assessment rate equals the debt to equity ratio assessment factor in
sub. (5) (b) multiplied by 86.8244.
126.15(4)(d)
(d) Except as provided in
par. (e), if the grain dealer has not filed an annual financial statement under
s. 126.13, the grain dealer's debt to equity ratio assessment rate equals the debt to equity ratio assessment factor in
sub. (5) (b) multiplied by 8.77374.
126.15(4)(e)
(e) If the grain dealer has not filed an annual financial statement under
s. 126.13 and the grain dealer procures grain in this state solely as a producer agent, the grain dealer's debt to equity ratio assessment rate is 0.00025, except that it is 0.000175 for the grain dealer's 5th or higher consecutive full license year of participation in the fund.
126.15(5)
(5) Debt to equity ratio assessment factor. 126.15(5)(a)(a) A grain dealer's debt to equity ratio assessment factor under
sub. (4) (a) is 0.0000125, except that it is zero for the grain dealer's 5th or higher consecutive full license year as a contributing grain dealer.
126.15(5)(b)
(b) A grain dealer's debt to equity ratio assessment factor under
sub. (4) (b) to
(d) is 0.00001875, except that it is 0.000015 for the grain dealer's 5th or higher consecutive full license year as a contributing grain dealer.
126.15(6)
(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.
126.15(6m)
(6m) Reduced assessment for certain grain dealers filing security. If a grain dealer files security under
s. 126.16 (1) (c), the grain dealer's assessment is the amount determined under
sub. (1) reduced by an amount determined as follows:
126.15(6m)(a)
(a) Divide the amount of security that the grain dealer is required to file as determined under
s. 126.16 (3) (b) by the amount of the grain dealer's estimated default exposure, as defined in
s. 126.16 (1) (c) 1.
126.15(6m)(b)
(b) Multiply the amount of the assessment determined under
sub. (1) by the amount determined under
par. (a).
126.15(7)(a)(a) A contributing grain dealer shall pay the grain dealer's annual fund assessment in equal quarterly installments that are due as follows:
126.15(7)(a)1.
1. The first installment is due on October 1 of the license year.
126.15(7)(a)2.
2. The 2nd installment is due on January 1 of the license year.
126.15(7)(a)3.
3. The 3rd installment is due on April 1 of the license year.
126.15(7)(a)4.
4. The 4th installment is due on July 1 of the license year.
126.15(7)(b)
(b) A contributing grain dealer may prepay any of the quarterly installments under
par. (a).
126.15(7)(c)
(c) A contributing grain dealer who applies for an annual license after the beginning of a license year shall pay the full annual fund assessment required under this section. The grain dealer shall pay, with the first quarterly installment that becomes due after the day on which the department issues the license, all of that year's quarterly installments that became due before that day.
