126.13 Grain dealers; financial statements.
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126.13 Grain dealers; financial statements.
(1)Required annual financial statement.
(a)A grain dealer shall file an annual financial statement with the department, before the department first licenses the grain dealer under s. 126.11 , if the grain dealer’s license application shows any of the following:
1. That the amount of grain reported under s. 126.11
(d), less the total amount reported under s. 126.11
(e)2. , if any, exceeds 200,000 bushels.
2. Any deferred payment contract obligations under s. 126.11
(c)to a grain producer or producer agent that has not, under s. 126.70
(b), permanently waived eligibility to file a default claim against the grain dealer.
(b)A grain dealer licensed under s. 126.11 shall file an annual financial statement with the department during each license year if the grain dealer’s license application for that year shows any of the following:
1. That the amount of grain reported under s. 126.11
(d), less the total amount reported under s. 126.11
(e)2. , if any, exceeds 200,000 bushels and the grain dealer is not a contributing grain dealer who procures grain in this state solely as a producer agent.
2. Any deferred payment contract obligations under s. 126.11
(c)to a grain producer or producer agent that has not, under s. 126.70
(b), permanently waived eligibility to file a default claim against the grain dealer.
(c)A grain dealer shall file an annual financial statement under par.
(b)by the 15th day of the 4th month following the close of the grain dealer’s fiscal year, except that the department may extend the filing deadline for up to 30 days if the grain dealer, or the accountant reviewing or auditing the financial statement, files a written extension request at least 10 days before the filing deadline.
(d)Except as provided under par.
(e), a grain dealer licensed under s. 126.11 may not incur any obligations under deferred payment contracts for grain procured in this state unless the contractor first notifies the department and files an annual financial statement with the department.
(e)A grain dealer licensed under s. 126.11 is not required to notify the department or file an annual financial statement with the department under par.
(d)for an obligation incurred under a deferred payment contract, for grain procured in this state, with a grain producer or producer agent that has, under s. 126.70
(b), permanently waived eligibility to file a default claim against the grain dealer.