Sunset Process - House Rural Affairs and Agriculture Committee. The bill implements recommendations of the department of regulatory agencies' sunset review and report on the licensing functions of the commissioner of agriculture (commissioner) regarding the "Commodity Handler Act" and the "Farm Products Act" by:
- Continuing the commissioner's licensing functions for 11 years, until 2031;
- Combining the "Commodity Handler Act" and the "Farm Products Act" in one article;
- Requiring rule-making regarding bond schedules, record keeping, minimal financial requirements, initial and renewal license requirements, credit sale contract requirements, and standard warehouse operation requirements;
- Requiring that financial statements submitted to the commissioner be prepared by a certified public accountant;
- Increasing the maximum bond amount that farm products dealers must file from $200,000 to $1 million; and
- For the definition of "small-volume dealer", repealing the limitation that a small-volume dealer cannot purchase $2,500 or more worth of farm products or commodities in a single transaction.
(Note: This summary applies to this bill as introduced.)