as introduced - 91st Legislature (2019 - 2020) Posted on 02/11/2019 03:55pm
A bill for an act
relating to agriculture; requiring an annual inventory examination for licensed
grain buyers; proposing coding for new law in Minnesota Statutes, chapter 223.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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A grain buyer is subject to a grain inventory
examination each year for the purpose of determining whether the grain buyer maintains
sufficient grain, rights in grain, and other liquid assets to satisfy the requirements established
in this chapter.
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The examination may be performed by the commissioner
or an independent third party approved by the commissioner and qualified to do a physical
grain measure up or weigh up. The examination must include an accounting of all outstanding
warehouse receipts, grain bank receipts, voluntary extension of credit contracts, and other
evidence of grain and payment obligations, as well as any additional information required
by the commissioner, including but not limited to the information required of grain warehouse
operators under Minnesota Rules, part 1562.1100, subpart 5.
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