This bill amends Minnesota Statutes 2024, section 223.17, subdivision 6, to modify the financial reporting requirements for grain buyers. It stipulates that grain buyers must submit an annual financial statement prepared, reviewed, or audited by a third-party independent accountant or certified public accountant, adhering to national or international accounting standards. The financial statement must include a balance sheet, a statement of income, a statement of retained earnings, a statement of cash flow, and the dollar amount of grain purchased in the previous fiscal year. Additionally, the statement must be accompanied by a certification from the chief executive officer or their designee, and for grain buyers purchasing $17,500,000 or more of grain annually, an audit must be conducted.

The bill also introduces new provisions for grain buyers who purchase grain immediately upon delivery with cash or similar means, allowing them to qualify for an exemption if their gross annual purchases are $1,000,000 or less. However, the commissioner retains the right to require financial reporting from these buyers based on inspections or reports of nonpayment. Furthermore, the commissioner is mandated to annually review the financial statements submitted and may request additional financial statements or reports as necessary. The changes aim to enhance transparency and compliance within the grain buying sector.

Statutes affected:
Introduction: 223.17
1st Engrossment: 223.17