Wis. Stat. § 126.45
Contributing milk contractors; disqualification
Redline — January 1, 2003 → current.View current text →
Current — January 1, 2009
As of January 1, 2003
(1) Required contributors.
(a) Except as provided in sub. (3) , a licensed milk contractor shall pay fund assessments under s. 126.46 if the milk contractor does not file annual and quarterly financial statements under s. 126.44 .
(b) Except as provided in sub. (3) , a licensed milk contractor shall pay fund assessments under s. 126.46 if the milk contractor files an annual, quarterly, or interim financial statement under s. 126.44 that shows a current ratio of less than 1.25 to 1.0, a debt to equity ratio of more than 2.0 to 1.0, or negative equity. The milk contractor shall continue to pay fund assessments until the milk contractor files 2 consecutive annual financial statements under s. 126.44 that show a current ratio of at least 1.25 to 1.0, positive equity, and a debt to equity ratio of not more than 2.0 to 1.0.
(1) Required contributors.
(a) Except as provided in sub. (3) , a licensed milk contractor shall pay fund assessments under s. 126.46 if the milk contractor does not file annual and quarterly financial statements under s. 126.44 .
(b) Except as provided in sub. (3) , a licensed milk contractor shall pay fund assessments under s. 126.46 if the milk contractor files an annual, quarterly, or interim financial statement under s. 126.44 that shows a current ratio of less than 1.25 to 1.0, a debt to equity ratio of more than 2.0 to 1.0, or negative equity. The milk contractor shall continue to pay fund assessments until the milk contractor files 2 consecutive annual financial statements under s. 126.44 that show a current ratio of at least 1.25 to 1.0, positive equity, and a debt to equity ratio of not more than 2.0 to 1.0.
(2) Voluntary contributors. Except as provided in sub. (3) , a licensed milk contractor who is not required to pay fund assessments under s. 126.46 may elect to do so.
(2) Voluntary contributors. Except as provided in sub. (3) , a licensed milk contractor who is not required to pay fund assessments under s. 126.46 may elect to do so.
(3) Disqualified contractors. (a) A milk contractor who is required to file security under s. 126.47 (1) (a) is disqualified from the fund until the department releases that security under s. 126.47 (7) (a) . This paragraph does not apply, during the period beginning on May 1, 2002, and ending on April 30, 2007, to a qualified producer agent who files security under s. 126.47 (3) (a) 3. (b) A milk contractor is disqualified from the fund if the department denies, suspends, or revokes the milk contractor's license. (c) The department may, by written notice, disqualify a milk contractor for any of the following reasons: 1. Failure to pay fund assessments under s. 126.46 when due. 2. Failure to file a financial statement under s. 126.44 when due. 3. Failure to reimburse the department, within 60 days after the department issues a reimbursement demand under s. 126.73 (1) , for the full amount that the department pays to claimants under s. 126.72 (1) or under s. 126.72 (2) with the proceeds of a loan under s. 126.06 (1) (b) because of that milk contractor's default. 4. Failure to reimburse a bond surety, within 60 days after the bond surety issues a reimbursement demand under s. 126.73 (2) , for the full amount that the surety pays to the department under s. 126.72 (2) for the benefit of claimants affected by that milk contractor's default.
(3) Disqualified contractors. (a) A milk contractor who is required to file security under s. 126.47 (1) (a) is disqualified from the fund until the department releases that security under s. 126.47 (7) (a) . (b) A milk contractor is disqualified from the fund if the department does any of the following: 1. Denies, suspends, or revokes the milk contractor's license. 2. Issues an order under s. 126.85 disqualifying the milk contractor from the fund.
(4) Effect of disqualification. (a) A milk contractor disqualified under sub. (3) (c) may not engage in any activities for which a license is required under s. 126.41 (1) (a) if the milk contractor files an annual, quarterly, or interim financial statement under s. 126.44 that shows a current ratio of less than 1.25 to 1.0, a debt to equity ratio of more than 2.0 to 1.0, or negative equity. (b) The department may not return, to a disqualified milk contractor, any fund assessments that the milk contractor paid as a contributing milk contractor. (c) A disqualified milk contractor remains liable for any unpaid fund installment under s. 126.46 that became due while the milk contractor was a contributing milk contractor. A disqualified milk contractor is not liable for any fund installment that becomes due after the milk contractor is disqualified under sub. (3) .
(4) Effect of disqualification. (a) A milk contractor disqualified under sub. (3) (b) 2. may not engage in any activities for which a license is required under s. 126.41 (1) (a) if the milk contractor files an annual, quarterly, or interim financial statement under s. 126.44 that shows a current ratio of less than 1.25 to 1.0, a debt to equity ratio of more than 2.0 to 1.0, or negative equity. (b) The department may not return, to a disqualified milk contractor, any fund assessments that the milk contractor paid as a contributing milk contractor. (c) A disqualified milk contractor remains liable for any unpaid fund installment under s. 126.46 that became due while the milk contractor was a contributing milk contractor. A disqualified milk contractor is not liable for any fund installment that becomes due after the milk contractor is disqualified under sub. (3) .
(5) Notice to producers. A milk contractor who is disqualified under sub. (3) shall immediately give written notice of the disqualification to all milk producers and producer agents to whom the milk contractor has unpaid milk payment obligations. The department may by rule or order specify the form and content of the notice.
Official source: Wisconsin State Legislature. Reproduced from public-domain Wisconsin statutes; confirm against the official source for the current text. Not legal advice.