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126.33(1)(e) (e) The net weight of grain received.
126.33(1)(f) (f) The grade and quality of grain received, if determined.
126.33(1)(g) (g) The word “negotiable" or “nonnegotiable," conspicuously, if the document is issued as a warehouse receipt. If a grain warehouse keeper transfers depositor-owned grain to another warehouse keeper, the receiving grain warehouse keeper shall issue a receipt that conspicuously bears the word “nonnegotiable."
126.33(1)(h) (h) A statement indicating that the depositor must remove the grain from storage by a specified date that is not more than 3 years after the date of deposit. This requirement does not apply to any of the following:
126.33(1)(h)1. 1. A warehouse receipt.
126.33(1)(h)2. 2. A receipt for grain owned by the federal commodity credit corporation.
126.33(1)(h)3. 3. A receipt for grain pledged as collateral for a loan from the federal department of agriculture.
126.33(2) (2)Grain ownership. If a person delivers grain to a recipient who is both a grain warehouse keeper and a grain dealer, as defined in s. 126.10 (9), the delivery is considered a deposit for storage unless it is clearly documented as a delivery of purchased grain. A receipt issued by such a recipient is considered a storage receipt unless it is clearly designated as a receipt for the delivery of purchased grain.
126.33(3) (3)Warehouse keeper's copy. A grain warehouse keeper shall keep a copy of every warehouse receipt and other document that the grain warehouse keeper issues under sub. (1). The grain warehouse keeper shall retain a copy of each document for at least 6 years after the grain warehouse keeper issues the document and shall make copies available to the department for inspection and copying upon request.
126.33 History History: 2001 a. 16.
126.34 126.34 Grain warehouse keepers; business practices.
126.34(1)(1)Grain weight, grade, and quality. A grain warehouse keeper shall do all of the following when determining the weight, grade, or quality of grain:
126.34(1)(a) (a) Accurately determine the weight, grade, or quality using accurate weighing, testing, or grading equipment.
126.34(1)(b) (b) Accurately record the determined weight, grade, or quality.
126.34(2) (2)Care of grain; facilities. A grain warehouse keeper shall safeguard grain held for others and shall protect that grain from loss or abnormal deterioration. A grain warehouse keeper shall maintain adequate facilities and equipment for that purpose.
126.34(3) (3)Sufficient inventory. A grain warehouse keeper shall at all times maintain grain inventories sufficient in quantity and quality to meet all outstanding obligations to depositors.
126.34(4) (4)Returning grain to depositors.
126.34(4)(a)(a) Except as provided in par. (b), a grain warehouse keeper shall deliver to a depositor, upon demand, the same grade and amount of grain as was deposited.
126.34(4)(b) (b) If a grain warehouse keeper does not have enough grain of the appropriate grade to satisfy a depositor's demand under par. (a), the warehouse keeper may substitute any of the following with the agreement of the depositor:
126.34(4)(b)1. 1. A monetary payment sufficient to provide the depositor with equivalent value, based on current local grain prices.
126.34(4)(b)2. 2. A sufficient amount of a higher grade of grain to provide the depositor with equivalent value, based on current local grain prices.
126.34(4)(c) (c) A grain warehouse keeper may not provide grain or payments under par. (b) whose value exceeds the current value of the grain that was deposited.
126.34(5) (5)Prohibited practices. No grain warehouse keeper, or officer, employee, or agent of a grain warehouse keeper, may do any of the following:
126.34(5)(a) (a) Misrepresent the weight, grade, or quality of depositor grain received from or delivered to any person.
126.34(5)(b) (b) Falsify any record or account, or conspire with any other person to falsify a record or account.
126.34(5)(c) (c) Make any false or misleading representation to the department.
126.34(5)(d) (d) If the grain warehouse keeper is licensed under s. 126.26 (1), engage in any activity that is inconsistent with representations made in the grain warehouse keeper's annual license application.
126.34(5)(e) (e) Make any false or misleading representation to a depositor related to matters regulated under this chapter.
126.34(5)(f) (f) Fail to file the full amount of security required under s. 126.31 (6) by the date that the department specifies.
126.34(5)(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.
126.34 History History: 2001 a. 16; 2009 a. 296.
subch. V of ch. 126 SUBCHAPTER V
MILK CONTRACTORS
Subch. V of ch. 126 Cross-reference Cross-reference: See also ch. ATCP 100, Wis. adm. code.
126.40 126.40 Definitions. In this subchapter:
126.40(1) (1)“Contributing milk contractor" means a milk contractor who is licensed under s. 126.41 (1), who has not been disqualified from the fund under s. 126.45 (3), and who either:
126.40(1)(a) (a) Has paid one or more fund assessments under s. 126.46.
126.40(1)(b) (b) Is required to contribute to the fund but the first fund assessment under s. 126.46 (6) is not yet due.
126.40(2) (2)“Current ratio" means the ratio of the value of current assets to the value of current liabilities, calculated according to s. 126.44 (8) (c) 1.
126.40(3) (3)“Dairy farm" has the meaning given in s. 97.22 (1) (a).
126.40(4) (4)“Dairy plant" has the meaning given in s. 97.20 (1) (a).
126.40(5) (5)“Dairy plant operator" means a person who holds or is required to hold a dairy plant license under s. 97.20.
126.40(6) (6)“Debt to equity ratio" means the ratio of the value of liabilities to equity, calculated according to s. 126.44 (8) (c) 2.
126.40(6m) (6m)“Deferred payment contract” means a contract for the procurement of producer milk under which all of the following apply to a milk contractor's payment:
126.40(6m)(a) (a) For producer milk received during the first 15 days of the preceding month, the milk contractor's payment is due after the 4th day of the month, based on an estimated price that is at least 80 percent of the class III price published by the regional federal milk market administrator for the month preceding the month in which the milk is received, or 80 percent of the contract price, whichever is greater.
126.40(6m)(b) (b) For producer milk received during the preceding month, the balance of the milk contractor's payment is due after the 19th day of the month.
126.40(7) (7)“Disqualified milk contractor" means a milk contractor who is disqualified from the fund under s. 126.45 (3).
126.40(7e) (7e)“Estimated default exposure" means the sum of the following:
126.40(7e)(a) (a) Seventy-five percent of the following:
126.40(7e)(a)1. 1. If the milk contractor reports unpaid milk payroll obligations under ss. 126.41 (6) (b) 1. and 126.47 (5m) (b) 1., the highest amount of unpaid milk payroll obligations, reported under s. 126.41 (6) (b) 1. or 126.47 (5m) (b) 1., that the milk contractor had at any time during the last 12 months.
126.40(7e)(a)2. 2. If the milk contractor reports monthly milk payroll obligations under ss. 126.41 (6) (b) 2. and 126.47 (5m) (b) 2., the highest amount of milk payroll obligations, reported under s. 126.41 (6) (b) 2. or 126.47 (5m) (b) 2., that the milk contractor incurred in any month during the last 12 months.
126.40(7e)(b) (b) The milk contractor's highest total, at any time during the 12 preceding months, of unpaid obligations for producer milk procured in this state under a deferred payment contract, excluding any unpaid obligations under a deferred payment contract, for milk procured in this state, with a milk producer or producer agent that has, under s. 126.70 (1) (b), permanently waived eligibility to file a default claim against the milk contractor.
126.40(7m) (7m)“License year" means the period beginning on May 1 and ending on the following April 30.
126.40(8) (8)“Milk contractor" means a person who buys producer milk or who markets producer milk as a producer agent. “Milk contractor" does not include any of the following:
126.40(8)(a) (a) A person who merely brokers a contract between a milk producer and a milk contractor, without becoming a party to the contract, taking control of milk, or accepting payment on behalf of the milk producer.
126.40(8)(b) (b) A person who merely buys or sells milk on a board of trade or commodity exchange.
126.40(9) (9)“Milk payroll obligation" means a milk contractor's gross obligation to a milk producer or producer agent, whether paid or unpaid, for producer milk that the milk contractor procures in this state.
126.40(10) (10)“Milk producer" means a person who produces milk on a dairy farm.
126.40(11) (11)“Procure producer milk" means to buy producer milk or acquire the right to market producer milk.
126.40(12) (12)“Procure producer milk in this state" means any of the following:
126.40(12)(a) (a) To buy producer milk for receipt in this state.
126.40(12)(b) (b) To receive producer milk directly from a dairy farm in this state.
126.40(12)(c) (c) To collect producer milk from a dairy farm in another state, for direct shipment to a dairy plant that the milk contractor operates in this state.
126.40(12)(d) (d) To acquire the right to market producer milk that is produced in this state.
126.40(13) (13)“Producer agent" means a person who acts on behalf of a milk producer to market or accept payment for producer milk without taking title to that milk, including a person who uses a producer trust fund to market or accept payment for producer milk. “Producer agent" does not include any of the following:
126.40(13)(a) (a) A person who merely brokers a contract between a milk producer and a milk contractor, without becoming a party to the contract, taking control of milk, or accepting payment on behalf of the milk producer.
126.40(13)(b) (b) A person who merely holds or transports milk for a milk producer without marketing or accepting payment for milk on behalf of the milk producer.
126.40(14) (14)“Producer milk" means milk that is owned by or held in trust for one or more milk producers. “Producer milk" includes milk that a producer agent markets for a producer, without taking title to the milk.
126.40(15) (15)“Qualified producer agent" means a milk contractor who does all of the following:
126.40(15)(a) (a) Procures milk in this state solely as a producer agent.
126.40(15)(b) (b) Complies with the rules promulgated under s. 126.51.
126.40 History History: 2001 a. 16; 2009 a. 296; 2017 a. 155, ss. 20 to 22, 47 to 49.
126.41 126.41 Milk contractors; licensing.
126.41(1)(1)Annual license.
126.41(1)(a)(a) No milk contractor may do any of the following without a current annual license from the department:
126.41(1)(a)1. 1. Receive producer milk in this state.
126.41(1)(a)2. 2. Collect producer milk from a dairy farm in another state for direct shipment to a dairy plant that the milk contractor operates in this state.
126.41(1)(a)3. 3. Acquire the right to market, as a producer agent, producer milk produced in this state.
126.41(1)(b) (b) A milk contractor who is not engaged in any activities under par. (a) may volunteer to be licensed if the milk contractor receives, outside this state, direct shipments of producer milk from dairy farms in this state.
126.41(1)(c) (c) The department shall issue annual milk contractor licenses under pars. (a) and (b). A license expires on the April 30 following its issuance. No person may transfer or assign a license issued under par. (a) or (b).
126.41(2) (2)License application. A milk contractor shall apply for a license under sub. (1) in writing, on a form provided by the department. An applicant shall provide all of the following:
126.41(2)(a) (a) The applicant's legal name and any trade name under which the applicant proposes to operate as a milk contractor. If the milk contractor is a dairy plant operator licensed under s. 97.20, the milk contractor shall use the same legal name in both license applications.
126.41(2)(b) (b) A statement of whether the applicant is an individual, a corporation, partnership, cooperative, unincorporated cooperative association, limited liability company, 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.
126.41(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.
126.41(2)(d) (d) The street address of each business location from which the applicant will operate under the license and the name of a responsible person who may be contacted at each location that is staffed.
126.41(2)(e) (e) All license fees and surcharges required under sub. (3).
126.41(2)(g) (g) A financial statement if required under s. 126.44 (1) and not yet filed.
126.41(2)(h) (h) Other relevant information required by the department.
126.41(3) (3)Annual license fees and surcharges. A milk contractor applying for an annual license under sub. (1) shall include the following fees and surcharges with the license application, unless the department specifies a different fee or surcharge amount by rule:
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