126.17(2)(f)
(f) The terms of purchase, storage, or marketing.
126.17(2)(g)
(g) If the grain dealer procured the grain under a deferred payment contract, the terms of that contract.
126.17(3)(a)(a) A grain dealer shall keep copies of all records required under this section and
s. 126.18 (2) for at least 6 years after the records are created.
126.17(3)(b)
(b) A grain dealer shall make records required under this section available to the department for inspection and copying upon request.
126.17 History
History: 2001 a. 16;
2009 a. 296.
126.18
126.18
Grain dealers; receipts for grain. 126.18(1)
(1)
Requirement. Whenever a grain dealer receives grain from any person, the grain dealer shall immediately give that person a written receipt for the grain that includes all of the following:
126.18(1)(a)
(a) The name of the grain dealer and a statement indicating whether the grain dealer is a corporation.
126.18(1)(b)
(b) A permanent business address at which the holder of the receipt can readily contact the grain dealer.
126.18(1)(c)
(c) A statement identifying the document as a receipt for grain.
126.18(1)(d)
(d) The date on which the grain dealer received the grain.
126.18(1)(f)
(f) The net weight of grain received or, if the grain dealer receives the grain at the grain producer's farm, the approximate net weight of the grain.
126.18(1)(g)
(g) The grade and quality of the grain, if determined.
126.18(1)(h)
(h) A statement identifying the receipt as a purchase receipt, storage receipt, or receipt for grain marketed by the grain dealer as a producer agent.
126.18(1)(i)
(i) The grain dealer's promise to pay the total amount due for grain, less any discounts that may apply, within 7 calendar days after the date of receipt of the grain. This requirement does not apply if any of the following applies:
126.18(1)(i)2.
2. The grain dealer receives the grain under a deferred payment contract that complies with
s. 126.19.
126.18(1)(i)3.
3. The receipt is clearly identified as a storage receipt.
126.18(1m)
(1m) Effect of failure to identify receipt. A receipt not clearly identified under
sub. (1) (h) is considered a purchase receipt except that, if the grain dealer also operates as a grain warehouse keeper, as defined in
s. 126.25 (9), under the same name, a receipt not clearly identified is considered a storage receipt.
126.18(2)
(2) Grain dealer's copies. A grain dealer shall keep copies of all receipts issued under
sub. (1).
126.18 History
History: 2001 a. 16.
126.19
126.19
Grain dealers; deferred payment contracts. 126.19(1)(1)
Contract in writing. A grain dealer may not procure grain from any grain producer or producer agent under a deferred payment contract before the contract is reduced to writing and signed by the parties. The grain dealer shall provide a copy of the signed contract to the other party.
126.19(2)
(2) Contents of contract. A grain dealer may not enter into a deferred payment contract unless the deferred payment contract includes all of the following:
126.19(2)(b)
(b) The type, weight, grade, and quality of grain procured and a statement that price adjustments may apply if delivered grain varies in grade or quality from that identified in the contract.
126.19(2)(c)
(c) The price for the grain or, in a deferred price contract, the method and deadline by which the price will be determined.
126.19(2)(d)
(d) The date by which the grain dealer agrees to make full payment for the grain, which may not be more than 180 days after the date on which the contract price is established or more than 180 days after the date on which the grain dealer takes custody or control of the grain, whichever is later.
126.19(2)(dm)
(dm) If the contract is a deferred price contract, a pricing deadline that is not more than one year after the date on which the grain dealer takes custody or control of the grain.
126.19(2)(e)
(e) The grain dealer's permanent business location.
126.19(2)(f)
(f) Other information required under this section.
126.19(3)(a)(a) A grain dealer shall make full payment under a deferred payment contract by the deadline date specified in the contract.
126.19(3)(b)
(b) The parties may not extend a payment or pricing deadline under
sub. (2) (d) or
(dm), except that they may sign a new contract that extends either deadline or both deadlines for up to 180 days if the new contract refers to the contract number of the original contract.
126.19(4)(a)(a) A grain dealer may not enter into a deferred payment contract with a grain producer or producer agent unless the deferred payment contract includes the following statement in 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 may become an unsecured creditor pending payment."
126.19(4)(b)
(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.
126.19(5)
(5) Deferred payment contract assessment. From the amount that a grain dealer pays to a grain producer or producer agent under a deferred payment contract, the grain dealer 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. 126.15 (6) when the contract is made. The grain dealer shall disclose the assessment amount or, if the contract is a deferred price contract, the method by which the assessment amount will be determined, in the written contract under
sub. (1).
126.19 History
History: 2001 a. 16;
2009 a. 296.
126.20
126.20
Grain dealers; business practices. 126.20(1)
(1)
Grain weight, grade, and quality. A grain dealer shall do all of the following when determining the weight, grade, or quality of grain:
126.20(1)(a)
(a) Accurately determine the weight, grade, or quality using accurate weighing, testing, or grading equipment.
126.20(1)(b)
(b) Accurately record the determined weight, grade, or quality.
126.20(2)
(2) Timely payment to producers. A grain dealer shall pay for grain when payment is due. A grain dealer may not make payment by nonnegotiable check or note or by check drawn on an account containing insufficient funds.
126.20(3)
(3) Permanent business location. A grain dealer licensed under
s. 126.11 shall do all of the following:
126.20(3)(a)
(a) Maintain a permanent business address at which grain producers may readily contact the grain dealer during business hours.
126.20(3)(b)
(b) On each day that the Chicago Board of Trade is open for trading, keep business hours that start no later than 9 a.m. and end no earlier than 2:30 p.m.
126.20(3)(c)
(c) Prominently post the grain dealer's business hours at each of the grain dealer's business locations in this state.
126.20(4)
(4) Prohibited practices. No grain dealer, or officer, employee, or agent of a grain dealer, may do any of the following:
126.20(4)(a)
(a) Misrepresent the weight, grade, or quality of producer grain received from or delivered to any person.
126.20(4)(b)
(b) Falsify any record or account, or conspire with any other person to falsify a record or account.
126.20(4)(c)
(c) Make any false or misleading representation to the department.
126.20(4)(d)
(d) If the grain dealer is licensed under
s. 126.11, engage in any activity that is inconsistent with a representation made in the grain dealer's annual license application.
126.20(4)(e)
(e) Make any false or misleading representation to a grain producer or producer agent related to any matters regulated under this chapter.
126.20(4)(f)
(f) Fail to file the full amount of security required under
s. 126.16 (7) by the date that the department specifies.
126.20(4)(g)
(g) Assault, threaten, intimidate, or otherwise interfere with an officer, employee, or agent of the department in the performance of his or her duties.
126.20 History
History: 2001 a. 16;
2009 a. 296.
126.21
126.21
Grain producer obligations. 126.21(1)
(1)
Delivery per contract. No grain producer or producer agent who contracts to sell and deliver grain to a grain dealer at an agreed price may wrongfully refuse to deliver that grain according to the contract.
126.21(2)
(2) Disclosure of liens and security interests. A grain dealer procuring grain from a grain producer or producer agent may require the grain producer or producer agent to disclose any liens or security interests that apply to the grain. The grain dealer may require the disclosure in writing. The grain dealer may require the grain producer or producer agent to specify the nature and amount of each lien or security interest and the identity of the person holding that lien or security interest. No grain producer may falsify or fraudulently withhold information required under this subsection in order to sell grain.
126.21 History
History: 2001 a. 16.
GRAIN WAREHOUSE KEEPERS
Subch. IV of ch. 126 Cross-reference
Cross-reference: See also ch.
ATCP 99, Wis. adm. code.
126.25
126.25
Definitions. In this subchapter:
126.25(1)
(1) “Capacity" means the maximum amount of grain, measured in bushels, that can be stored in a grain warehouse. The capacity of a grain warehouse is determined by dividing the cubic volume of all bins, expressed in cubic feet, by 1.244 cubic feet per bushel, and applying a pack factor that the department specifies by rule.
126.25(2)
(2) “Contributing grain warehouse keeper" means a grain warehouse keeper who is licensed under
s. 126.26, who either has paid one or more quarterly installments under
s. 126.30 (6) or is required to contribute to the fund, but the first quarterly installment under
s. 126.30 (6) is not yet due, and who is not disqualified under
s. 126.29 (2).
126.25(3)
(3) “Current ratio" means the ratio of the value of current assets to the value of current liabilities, calculated according to
s. 126.28 (6) (c) 1.
126.25(4)
(4) “Debt to equity ratio" means the ratio of the value of liabilities to equity, calculated according to
s. 126.28 (6) (c) 2.
126.25(5)
(5) “Depositor" means any of the following:
126.25(5)(a)
(a) A person who delivers grain to a grain warehouse keeper for storage, conditioning, shipping, or handling, without transferring ownership to the warehouse keeper.
126.25(5)(b)
(b) A person who owns or legally holds a warehouse receipt or other document that is issued by a grain warehouse keeper and that entitles the person to receive stored grain.
126.25(6)
(6) “Disqualified grain warehouse keeper" means a grain warehouse keeper who is disqualified from the fund under
s. 126.29 (2).
126.25(8)
(8) “Grain warehouse" means a facility in this state that is used to receive, store, or condition grain for others or that is used in the shipment of grain for others, except that “grain warehouse" does not include a transport vehicle.
126.25(9)
(9) “Grain warehouse keeper" means a person who operates one or more grain warehouses in this state to receive, store, condition, or ship grain for others, except that “grain warehouse keeper" does not include a person licensed under the United States Warehouse Act,
7 USC 241 to
271.
126.25(9m)
(9m) “License year" means the period beginning on September 1 and ending on the following August 31.
126.25(11)
(11) “Warehouse receipt" means a receipt for grain, issued by a grain warehouse keeper, that is also a document of title under
s. 401.201 (2) (i).
126.25 History
History: 2001 a. 16;
2009 a. 320.
126.26
126.26
Grain warehouse keepers; licensing. 126.26(1)(a)(a) No grain warehouse keeper may hold at any time more than 50,000 bushels of grain for others without a current annual license from the department. A grain warehouse keeper who has grain warehouses with a combined capacity of more than 50,000 bushels shall obtain a license unless the grain warehouse keeper proves to the department that the grain warehouse keeper holds no more than 50,000 bushels of grain for others at any time.
126.26(1)(b)
(b) A license under
par. (a) expires on the August 31 following its issuance. No person may transfer or assign a license issued under
par. (a).
126.26(2)
(2) License application. A person shall apply for a grain warehouse keeper license in writing, on a form provided by the department. The applicant shall provide all of the following:
126.26(2)(a)
(a) The applicant's legal name and any trade name under which the applicant proposes to operate as a grain warehouse keeper.
126.26(2)(b)
(b) A statement of whether the applicant is an individual, a corporation, a partnership, a cooperative, an unincorporated cooperative association, a limited liability company, a trust, or other legal entity. If the applicant is a corporation, a cooperative, or an association, the applicant shall identify each officer of the corporation or cooperative. If the applicant is a partnership, the applicant shall identify each partner.
126.26(2)(c)
(c) The mailing address of the applicant's primary business location and the name of a responsible individual who may be contacted at that location.
126.26(2)(d)
(d) The street address and capacity of every grain warehouse that the applicant operates or proposes to operate in this state and the name of a responsible individual who may be contacted at each warehouse.
