SF 3235

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to agriculture; changing the bushel threshold related to grain buyer
financial statements; amending Minnesota Statutes 2005 Supplement, section
223.17, subdivision 6.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2005 Supplement, section 223.17, subdivision 6, is
amended to read:

Subd. 6.

Financial statements.

For the purpose of fixing or changing the amount of
a required bond or for any other proper reason, the commissioner shall require an annual
financial statement from a licensee which has been prepared in accordance with generally
accepted accounting principles and which meets the following requirements:

(a) The financial statement shall include, but not be limited to the following: (1)
a balance sheet; (2) a statement of income (profit and loss); (3) a statement of retained
earnings; (4) a statement of changes in financial position; and (5) a statement of the dollar
amount of grain purchased in the previous fiscal year of the grain buyer.

(b) The financial statement shall be accompanied by a reviewed financial statement
or audit prepared by an independent public accountant or a compilation report prepared by
a grain commission firm approved by the commissioner, in accordance with standards
established by the American Institute of Certified Public Accountants. Grain buyers
purchasing less than deleted text begin 150,000 deleted text end new text begin 1,500,000 new text end bushels of grain per calendar year may submit a
financial statement prepared by a public accountant who is not an employee or a relative
within the third degree of kindred according to civil law.

(c) The financial statement shall be accompanied by a certification by the chief
executive officer or the chief executive officer's designee of the licensee, under penalty
of perjury, that the financial statement accurately reflects the financial condition of the
licensee for the period specified in the statement.

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. Any
grain buyer having a net worth in excess of $500,000,000 need not file the financial
statement required by this subdivision but must provide the commissioner with a certified
net worth statement. All financial statements filed with the commissioner are private or
nonpublic data as provided in section 13.02.

Sec. 2. new text begin EFFECTIVE DATE.
new text end

new text begin Section 1 is effective the day following final enactment.
new text end