The bill amends Minnesota Statutes 2024, section 223.17, subdivision 6, to modify the financial reporting requirements for grain buyers. It mandates that grain buyers submit annual financial statements prepared by a third-party independent accountant or certified public accountant, adhering to national or international accounting standards. The required financial statements must include a balance sheet, a statement of income, a statement of retained earnings, a cash flow statement, and the dollar amount of grain purchased in the previous fiscal year. Additionally, the bill introduces new provisions for grain buyers based on their annual purchases, specifying that those purchasing $20,000,000 or more must have their financial statements audited, while those with purchases of $1,000,000 or less may qualify for an exemption.

The bill also includes several deletions and insertions to clarify the requirements and responsibilities of grain buyers and the commissioner. Notably, it removes the previous requirement for a certification by the chief executive officer and the review process for smaller grain buyers, while allowing the commissioner to require additional financial reporting if necessary. Furthermore, the commissioner is tasked with annually reviewing the financial statements submitted to ensure compliance with the chapter. The changes aim to enhance transparency and accountability in the financial practices of grain buyers in Minnesota. The effective date of the new provisions is set for the day following final enactment.

Statutes affected:
Introduction: 223.17