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MN HF3743
Bill
Status
Introduced
3/31/2016
Primary Sponsor
Jeanne Poppe
Click for details
AI Summary
- Doubles minimum bond amounts required for grain buyer licenses across all purchase volume categories, ranging from $20,000 for buyers with $100,000 or less in annual purchases to $250,000 for buyers exceeding $24,000,000 in annual purchases
- Increases first-time applicant grain buyer bond requirement from $50,000 to $75,000 for the first year of licensure
- Updates compliance deadlines from July 1, 2004-2006 to July 1, 2016-2018 for existing grain buyers to meet new bond requirements, with commissioner discretion to postpone increases up to July 1, 2018 if undue financial hardship is demonstrated
- Requires grain buyers to post conspicuous notice at each licensed location displaying the current bond dollar amount and informing grain sellers which transactions are or are not covered by the bond
- Mandates the commissioner of agriculture report recommendations by January 15, 2017 on improving financial oversight of licensed grain buyers and methods to monitor their financial solvency
Legislative Description
Grain buyer bond amounts increased, grain buyer requirements modified, and report required.
Last Action
Introduction and first reading, referred to Agriculture Policy
3/31/2016
Committee Referrals
Agriculture Policy3/31/2016
Full Bill Text
No bill text available