126.28(7)
(7) Assets excluded. A grain warehouse keeper may not include any of the following assets in calculating the ratios under
sub. (6) (c), unless the department specifically approves their inclusion:
126.28(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.
126.28(7)(b)
(b) A note or account receivable from a parent organization, a subsidiary, or an affiliate other than an employee.
126.28(7)(c)
(c) A note or account that has been receivable for more than one year, unless the grain warehouse keeper has established an equal offsetting reserve for uncollectible notes and accounts receivable.
126.28(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.
126.28(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.
126.28 History
History: 2001 a. 16;
2009 a. 296.
126.29
126.29
Contributing grain warehouse keepers; disqualification. 126.29(1)(1)
Contribution required. A grain warehouse keeper licensed under
s. 126.26 (1) shall pay fund assessments under
s. 126.30 unless the grain warehouse keeper is disqualified under
sub. (2).
126.29(2)(b)
(b) A grain warehouse keeper is disqualified from the fund if the department denies, suspends, or revokes the grain warehouse keeper's license.
126.29(3)
(3) Payments by disqualified grain warehouse keeper. 126.29(3)(a)(a) The department may not return, to a disqualified grain warehouse keeper, any fund assessments that the warehouse keeper paid as a contributing grain warehouse keeper.
126.29(3)(b)
(b) A disqualified grain warehouse keeper remains liable for any unpaid fund installment under
s. 126.30 that became due while the grain warehouse keeper was a contributing grain warehouse keeper. A disqualified grain warehouse keeper is not liable for any fund installment that becomes due after the grain warehouse keeper is disqualified under
sub. (2).
126.29 History
History: 2001 a. 16;
2003 a. 38.
126.30
126.30
Grain warehouse keepers; fund assessments. 126.30(1)(1)
General. A contributing grain warehouse keeper shall pay an annual fund assessment for each license year. Except as provided in
sub. (5m), the assessment equals $20 or the sum of the following, whichever is greater, unless the department by rule specifies a different assessment:
126.30(1)(a)
(a) The grain warehouse keeper's current ratio assessment. The current ratio assessment for a license year is the amount, expressed as dollars, equal to the grain warehouse keeper's current ratio assessment rate under
sub. (2) multiplied by the number of bushels that the grain warehouse keeper reports under
s. 126.26 (2) (e) or
(10).
126.30(1)(b)
(b) The warehouse keeper's debt to equity ratio assessment. The debt to equity ratio assessment for each license year is the amount, expressed as dollars, equal to the grain warehouse keeper's debt to equity ratio assessment rate under
sub. (4) multiplied by the number of bushels that the warehouse keeper reports under
s. 126.26 (2) (e) or
(10).
126.30(2)
(2) Current ratio assessment rate. A grain warehouse keeper's current ratio assessment rate is calculated, at the beginning of the license year, as follows:
126.30(2)(a)
(a) If the grain warehouse keeper has filed an annual financial statement under
s. 126.28 and that financial statement shows a current ratio of at least 1.25 to 1.0, the grain warehouse keeper's current ratio assessment rate equals the greater of zero or the current ratio assessment factor in
sub. (3) (a) multiplied by an amount determined as follows:
126.30(2)(a)3.
3. Multiply the amount determined under
subd. 2. by negative one.
126.30(2)(a)8.
8. Add the amount determined under
subd. 4. to the amount determined under
subd. 7.
126.30(2)(b)
(b) If the grain warehouse keeper has filed an annual financial statement under
s. 126.28 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 warehouse keeper's current ratio assessment rate equals the current ratio assessment factor in
sub. (3) (b) multiplied by the following amount:
126.30(2)(b)3.
3. Multiply the amount determined under
subd. 2. by negative one.
126.30(2)(b)8.
8. Add the amount determined under
subd. 4. to the amount determined under
subd. 7.
126.30(2)(c)
(c) If the grain warehouse keeper has filed an annual financial statement under
s. 126.28 and that financial statement shows a current ratio of less than or equal to 1.0 to 1.0, the warehouse keeper's current ratio assessment rate equals the current ratio assessment factor in
sub. (3) (b) multiplied by 120.81376.
126.30(2)(d)
(d) If the grain warehouse keeper has not filed an annual financial statement under
s. 126.28, the warehouse keeper's current ratio assessment rate equals the current ratio assessment factor in
sub. (3) (b) multiplied by 5.71235.
126.30(3)
(3) Current ratio assessment factor. 126.30(3)(a)(a) A grain warehouse keeper's current ratio assessment factor under
sub. (2) (a) is 0.00003 except that, for the grain warehouse keeper's 5th or higher consecutive full license year as a contributing grain warehouse keeper, the grain warehouse keeper's current ratio assessment factor is zero.
126.30(3)(b)
(b) A grain warehouse keeper's current ratio assessment factor under
sub. (2) (b) to
(d) is 0.000045 except that, for the grain warehouse keeper's 5th or higher consecutive full license year as a contributing grain warehouse keeper, the grain warehouse keeper's current ratio assessment factor is 0.000036.
126.30(4)
(4) Debt to equity ratio assessment rate. A grain warehouse keeper's debt to equity ratio assessment rate is calculated, at the beginning of the license year, as follows:
126.30(4)(a)
(a) If the grain warehouse keeper has filed an annual financial statement under
s. 126.28 and that financial statement shows positive equity and a debt to equity ratio of not more than 4.0 to 1.0, the grain warehouse keeper'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:
126.30(4)(a)7.
7. Add the amount determined under
subd. 3. to the amount determined under
subd. 6.
126.30(4)(b)
(b) If the grain warehouse keeper has filed an annual financial statement under
s. 126.28 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 warehouse keeper's debt to equity ratio assessment rate equals the debt to equity ratio assessment factor in
sub. (5) (b) multiplied by the following amount:
126.30(4)(b)7.
7. Add the amount determined under
subd. 3. to the amount determined under
subd. 6.
126.30(4)(c)
(c) If the grain warehouse keeper has filed an annual financial statement under
s. 126.28 and that financial statement shows negative equity or a debt to equity ratio of at least 5.0 to 1.0, the grain warehouse keeper's debt to equity ratio assessment rate equals the debt to equity ratio assessment factor in
sub. (5) (b) multiplied by 86.8244.
126.30(4)(d)
(d) If the grain warehouse keeper has not filed an annual financial statement under
s. 126.28, the grain warehouse keeper's debt to equity ratio assessment rate equals the debt to equity ratio assessment factor in
sub. (5) (b) multiplied by 8.77374.
126.30(5)
(5) Debt to equity ratio assessment factor. 126.30(5)(a)(a) A grain warehouse keeper's debt to equity ratio assessment factor under
sub. (4) (a) is 0.0000125, except that it is zero for the grain warehouse keeper's 5th or higher consecutive full license year as a contributing grain warehouse keeper.
126.30(5)(b)
(b) A grain warehouse keeper'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 warehouse keeper's 5th or higher consecutive full license year as a contributing grain warehouse keeper.
126.30(5m)
(5m) Reduced assessment for certain grain warehouse keepers filing security. If a grain warehouse keeper files security under
s. 126.31 (1) (b), the grain warehouse keeper's assessment is the amount determined under
sub. (1) reduced by an amount determined as follows:
126.30(5m)(a)
(a) Divide the amount of security that the grain warehouse keeper is required to file as determined under
s. 126.31 (3) (b) by the amount of the grain warehouse keeper's estimated default exposure, as defined in
s. 126.31 (1) (b) 1.
126.30(5m)(b)
(b) Multiply the amount of the assessment determined under
sub. (1) by the amount determined under
par. (a).
126.30(6)(a)(a) A contributing grain warehouse keeper shall pay the grain warehouse keeper's annual fund assessment in equal quarterly installments that are due as follows:
126.30(6)(a)1.
1. The first installment is due on October 1 of the license year.
126.30(6)(a)2.
2. The 2nd installment is due on January 1 of the license year.
126.30(6)(a)3.
3. The 3rd installment is due on April 1 of the license year.
126.30(6)(a)4.
4. The 4th installment is due on July 1 of the license year.
126.30(6)(b)
(b) A contributing grain warehouse keeper may prepay any of the quarterly installments under
par. (a).
126.30(6)(c)
(c) A contributing grain warehouse keeper 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 warehouse keeper shall pay, with the first quarterly installment that becomes due after the day on which the department issues the license, all of the quarterly installments that were due before that day.
126.30(6)(d)
(d) A contributing grain warehouse keeper who fails to pay the full amount of any quarterly installment when due shall pay, in addition to that installment, a late payment penalty of $50 or 10% of the overdue installment amount, whichever is greater.
126.30(7)
(7) Notice of annual assessment and quarterly installments. When the department issues an annual license to a contributing grain warehouse keeper, the department shall notify the grain warehouse keeper of all of the following:
126.30(7)(a)
(a) The amount of the grain warehouse keeper's annual fund assessment under this section.
126.30(7)(b)
(b) The amount of each required quarterly installment under
sub. (6), and the date by which the grain warehouse keeper must pay each installment.
126.30(7)(c)
(c) The penalty that applies under
sub. (6) (d) if the grain warehouse keeper fails to pay any quarterly installment when due.
126.30 History
History: 2001 a. 16;
2003 a. 38.
126.31
126.31
Grain warehouse keepers; security.
