Grain buyers with Class A licenses must now report to the Public Utilities Commission within their quarterly financial statements if they become aware of embezzlement, theft, or fraud exceeding $50,000, file for bankruptcy with claims over $50,000, or become involved in civil lawsuits with claims over $50,000. Grain buyers who willfully fail to make these required reports and cause financial losses to grain suppliers can be charged with theft. This new reporting requirement is meant to give regulators better visibility into legal and criminal problems affecting the grain industry.
This bill does not directly amend codified state law.
Agriculture and Natural Resources Tabled Passed, YEAS 7, NAYS 0. S.J. 1
Agriculture and Natural Resources Scheduled for hearing S.J. 1
First read in Senate and referred to Senate Agriculture and Natural Resources S.J. 12
Agriculture and Natural Resources — Tabled