as introduced - 93rd Legislature (2023 - 2024) Posted on 02/15/2024 09:36am
Engrossments | ||
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Introduction | Posted on 02/14/2024 |
A bill for an act
relating to agriculture; modifying grain indemnity provisions; amending Minnesota
Statutes 2022, sections 223.17, subdivision 6; 232.21, subdivisions 3, 7, 11, 12,
13.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2022, section 223.17, subdivision 6, is amended to read:
(a) Except as allowed in paragraph (c), a grain buyer
licensed under this chapter must annually submit to the commissioner a financial statement
prepared new text begin by a third-party independent accountant or certified public accountant new text end in accordance
with deleted text begin generally accepted accounting principlesdeleted text end new text begin national or international accounting standardsnew text end .
The annual financial statement required under this subdivision must also:
(1) includedeleted text begin ,deleted text end but not be limited to the following:
(i) a balance sheet;
(ii) a statement of income (profit and loss);
(iii) a statement of retained earnings;
(iv) a statement of deleted text begin changes in financial positiondeleted text end new text begin cash flownew text end ; and
(v) a statement of the dollar amount of grain purchased in the previous fiscal year of the
grain buyer;
(2) be accompanied by a deleted text begin compilationdeleted text end report of the financial statement that is prepared
by a grain commission firm or a management firm approved by the commissioner or by an
independent public accountant, in accordance with standards established by the American
Institute of Certified Public Accountantsnew text begin or similar international standardsnew text end ;
deleted text begin
(3) be accompanied by a certification by the chief executive officer or the chief executive
officer's designee of the licensee, and where applicable, all members of the governing board
of directors under penalty of perjury, that the financial statement accurately reflects the
financial condition of the licensee for the period specified in the statement;
deleted text end
deleted text begin
(4) for grain buyers purchasing under $7,500,000 of grain annually, be reviewed by a
certified public accountant in accordance with standards established by the American Institute
of Certified Public Accountants, and must show that the financial statements are free from
material misstatements; and
deleted text end
deleted text begin (5)deleted text end new text begin (3)new text end for grain buyers purchasing $7,500,000 or more of grain annually, be audited new text begin or
reviewed new text end by a certified public accountant in accordance with standards established by the
American Institute of Certified Public Accountants deleted text begin anddeleted text end new text begin or similar international standards.
An auditnew text end must include an opinion statement from the certified public accountantdeleted text begin .deleted text end new text begin performing
the audit; and
new text end
new text begin
(4) for grain buyers purchasing $20,000,000 or more of grain annually, be audited by a
certified public accountant in accordance with standards established by the American Institute
of Certified Public Accountants or similar international standards. The audit must include
an opinion statement from the certified public accountant performing the audit.
new text end
(b) Only one financial statement must be filed for a chain of warehouses owned or
operated as a single business entity, unless otherwise required by the commissioner. All
financial statements filed with the commissioner are private or nonpublic data as provided
in section 13.02.
(c) A grain buyer who purchases grain immediately upon delivery solely with cashdeleted text begin ; a
certified check; a cashier's check; or a postal, bank, or express money orderdeleted text end new text begin , as defined in
section 223.16, subdivision 2a, paragraph (b),new text end is exempt from this subdivision if the grain
buyer's gross annual purchases are $1,000,000 or less.
new text begin
(d) For an entity that qualifies for the exemption in paragraph (c), the commissioner
retains the right to require the entity to provide the commissioner with financial reporting
based on inspections, any report of nonpayment, or other documentation related to violations
of this chapter, chapter 232, or Minnesota Rules, chapter 1562.
new text end
new text begin
(e) To ensure compliance with this chapter, the commissioner must annually review
financial statements submitted under paragraph (a).
new text end
deleted text begin (d)deleted text end new text begin (f)new text end The commissioner shall annually provide information on a person's fiduciary
duties to each licensee. deleted text begin To the extent practicable, the commissioner must direct each licensee
deleted text end deleted text begin to provide this information to all persons required to certify the licensee's financial statement
under paragraph (a), clause (3).
deleted text end
new text begin
(g) The commissioner may require an entity to provide additional financial statements
or financial reporting, including audited financial statements.
new text end
Minnesota Statutes 2022, section 232.21, subdivision 3, is amended to read:
"Commissioner" means the commissioner of agriculturenew text begin or the
commissioner's designeenew text end .
Minnesota Statutes 2022, section 232.21, subdivision 7, is amended to read:
"Grain" means any deleted text begin cereal grain, coarse grain, or oilseed in unprocessed
form for which a standard has been established by the United States Secretary of Agriculture,
dry edible beans, or agricultural crops designated by the commissioner by ruledeleted text end new text begin product
commonly referred to as grain, including wheat, corn, oats, barley, rye, rice, soybeans,
emmer, sorghum, triticale, millet, pulses, dry edible beans, sunflower seed, rapeseed, canola,
safflower, flaxseed, mustard seed, crambe, sesame seed, and other products ordinarily stored
in grain warehousesnew text end .
Minnesota Statutes 2022, section 232.21, subdivision 11, is amended to read:
"Producer" means a person who deleted text begin owns or manages a grain producing
or growing operation and holds or shares the responsibility for marketing that grain produceddeleted text end new text begin
grows grain on land owned or leased by the personnew text end .
Minnesota Statutes 2022, section 232.21, subdivision 12, is amended to read:
"Public grain warehouse operator" meansnew text begin :
(1)new text end a person deleted text begin licensed to operatedeleted text end new text begin operatingnew text end a grain warehouse in which grain belonging to
persons other than the grain warehouse operator is accepted for storage or purchasedeleted text begin , ordeleted text end new text begin ; (2)
a personnew text end who offers grain storage or grain warehouse facilities to the public for hirenew text begin ;new text end or new text begin (3)
new text end a feed-processing plant that receives and stores grain, the equivalent of whichdeleted text begin ,deleted text end it processes
and returns to the grain's owner in amounts, at intervals, and with added ingredients that
are mutually agreeable to the grain's owner and the person operating the plant.
Minnesota Statutes 2022, section 232.21, subdivision 13, is amended to read:
"Scale ticket" means a memorandum deleted text begin showing the weight, grade
and kind of grain which isdeleted text end issued by a grain new text begin elevator or new text end warehouse operator to a depositor
at the time the grain is delivered.