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 requirements for grain buyers based on their annual grain purchases, specifying that those purchasing $20,000,000 or more must have their financial statements audited, while those purchasing $1,000,000 or less may qualify for an exemption.

The bill also includes provisions that allow the commissioner to require additional financial reporting from grain buyers if necessary, based on inspections or reports of nonpayment. It emphasizes the importance of compliance by stating that the commissioner must annually review the financial statements submitted. Furthermore, it clarifies that all financial statements filed are considered private or nonpublic data. The changes aim to enhance transparency and accountability among grain buyers in Minnesota. The new provisions will take effect the day following final enactment.

Statutes affected:
Introduction: 223.17