Minnesota 2025-2026 Regular Session

Minnesota House Bill HF1063 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	1.1 A bill for an act
2	2	1.2 relating to agriculture; modifying financial reporting requirements for grain buyers;
3	3	1.3 amending Minnesota Statutes 2024, section 223.17, subdivision 6.
4	4	1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
5	5	1.5 Section 1. Minnesota Statutes 2024, section 223.17, subdivision 6, is amended to read:
6	6	1.6 Subd. 6.Financial statements.(a) Except as allowed in paragraph (c), a grain buyer
7	7	1.7licensed under this chapter must annually submit to the commissioner a financial statement
8	8	1.8prepared by a third-party independent accountant or certified public accountant in accordance
9	9	1.9with generally accepted accounting principles national or international accounting standards.
10	10	1.10The annual financial statement required under this subdivision must also:
11	11	1.11 (1) include, but not be limited to the following:
12	12	1.12 (i) a balance sheet;
13	13	1.13 (ii) a statement of income (profit and loss);
14	14	1.14 (iii) a statement of retained earnings;
15	15	1.15 (iv) a statement of changes in financial position cash flow; and
16	16	1.16 (v) a statement of the dollar amount of grain purchased in the previous fiscal year of the
17	17	1.17grain buyer;
18	18	1.18 (2) be accompanied by a compilation report of the financial statement that is prepared
19	19	1.19by a grain commission firm or a management firm approved by the commissioner or by an
20	20	1.20independent public accountant, in accordance with standards established by the American
21	21	1.21Institute of Certified Public Accountants or similar international standards;
22	22	1Section 1.
23	23	REVISOR BD/DG 25-0308801/31/25
24	24	State of Minnesota
25	25	This Document can be made available
26	26	in alternative formats upon request
27	27	HOUSE OF REPRESENTATIVES
28	28	H. F. No. 1063
29	29	NINETY-FOURTH SESSION
30	30	Authored by Anderson, P. H.; Nelson and Cha02/17/2025
31	31	The bill was read for the first time and referred to the Committee on Agriculture Finance and Policy 2.1 (3) be accompanied by a certification by the chief executive officer or the chief executive
32	32	2.2officer's designee of the licensee, and where applicable, all members of the governing board
33	33	2.3of directors under penalty of perjury, that the financial statement accurately reflects the
34	34	2.4financial condition of the licensee for the period specified in the statement;
35	35	2.5 (4) for grain buyers purchasing under $7,500,000 of grain annually, be reviewed by a
36	36	2.6certified public accountant in accordance with standards established by the American Institute
37	37	2.7of Certified Public Accountants, and must show that the financial statements are free from
38	38	2.8material misstatements; and
39	39	2.9 (5) (3) for grain buyers purchasing $7,500,000 or more of grain annually, be audited or
40	40	2.10reviewed by a certified public accountant in accordance with standards established by the
41	41	2.11American Institute of Certified Public Accountants and or similar international standards.
42	42	2.12An audit must include an opinion statement from the certified public accountant. performing
43	43	2.13the audit; and
44	44	2.14 (4) for grain buyers purchasing $20,000,000 or more of grain annually, be audited by a
45	45	2.15certified public accountant in accordance with standards established by the American Institute
46	46	2.16of Certified Public Accountants or similar international standards. The audit must include
47	47	2.17an opinion statement from the certified public accountant performing the audit.
48	48	2.18 (b) Only one financial statement must be filed for a chain of warehouses owned or
49	49	2.19operated as a single business entity, unless otherwise required by the commissioner. All
50	50	2.20financial statements filed with the commissioner are private or nonpublic data as provided
51	51	2.21in section 13.02.
52	52	2.22 (c) A grain buyer who purchases grain immediately upon delivery solely with cash; a
53	53	2.23certified check; a cashier's check; or a postal, bank, or express money order, as defined in
54	54	2.24section 223.16, subdivision 2a, paragraph (b), is exempt from this subdivision if the grain
55	55	2.25buyer's gross annual purchases are $1,000,000 or less.
56	56	2.26 (d) For a grain buyer that qualifies for the exemption in paragraph (c), the commissioner
57	57	2.27retains the right to require the grain buyer to provide the commissioner with financial
58	58	2.28reporting based on inspections, any report of nonpayment, or other documentation related
59	59	2.29to violations of this chapter, chapter 232, or Minnesota Rules, chapter 1562.
60	60	2.30 (e) To ensure compliance with this chapter, the commissioner must annually review
61	61	2.31financial statements submitted under paragraph (a).
62	62	2.32 (d) (f) The commissioner shall annually provide information on a person's fiduciary
63	63	2.33duties to each licensee. To the extent practicable, the commissioner must direct each licensee
64	64	2Section 1.
65	65	REVISOR BD/DG 25-0308801/31/25 3.1to provide this information to all persons required to certify the licensee's financial statement
66	66	3.2under paragraph (a), clause (3).
67	67	3.3 (g) The commissioner may require a grain buyer to provide additional financial statements
68	68	3.4or financial reporting, including audited financial statements.
69	69	3.5 EFFECTIVE DATE.This section is effective the day following final enactment.
70	70	3Section 1.
71	71	REVISOR BD/DG 25-0308801/31/25