Clarification of Treatment of Electronic Sales of Livestock Act of 2016

Bill: 114-s-3350
Sponsor: full_name: Sen. Cochran, Thad [R-MS]
Introduced: 2016-09-15
Policy area: Agriculture and Food
Latest action: action_date: 2016-09-15
text: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Summaries:
action_date: 2016-09-15
action_desc: Introduced in Senate
text: <p><b>Clarification of Treatment of Electronic Sales of Livestock Act of 2016</b></p> <p> This bill amends the Packers and Stockyards Act, 1921 to expand the definition of &quot;marketing agency&quot; to include any person who engages in the business of buying or selling livestock, on a commission or other fee basis, through the use of online, video, or other electronic methods. The term &quot;marketing agency&quot; does not include a person whose annual average of online, video, or electronic sales of livestock, on a commission or other fee basis, is less than $250,000.</p> <p> The bill also permits electronic funds transfers and other expeditious payment methods that the Department of Agriculture determines to be appropriate to be used as options for meeting prompt payment requirements for livestock purchases. </p>

tv_txt: II 114th CONGRESS 2d Session S. 3350 IN THE SENATE OF THE UNITED STATES September 15, 2016 Mr. Cochran (for himself and Mr. Tester ) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry A BILL To amend the Packers and Stockyards Act, 1921, to clarify the duties relating to services furnished in connection with the buying or selling of livestock in commerce through online, video, or other electronic methods, and for other purposes.

1. Short title This Act may be cited as the Clarification of Treatment of Electronic Sales of Livestock Act of 2016 . 2. Definition of market agency (a) In general Section 301(c) of the Packers and Stockyards Act, 1921 ( 7 U.S.C. 201(c) ) is amended— (1) by striking ; and at the end and inserting a period; and (2) by adding at the end the following: Beginning on the date of the enactment of the Clarification of Treatment of Electronic Sales of Livestock Act of 2016 , such term includes any person who engages in the business of buying or selling livestock, on a commission or other fee basis, through the use of online, video, or other electronic methods when handling or providing the means to handle receivables or proceeds from such buying or selling, so long as such person’s annual average of online, video, or electronic sales of livestock, on a commission or other fee basis, exceeds $250,000. . (b) Technical amendments Section 301 of the Packers and Stockyards Act, 1921 ( 7 U.S.C. 201 ) is amended— (1) in the matter preceding subsection (a), by striking When used in this Act— and inserting In this Act: ; (2) in subsection (a), by striking the semicolon at the end and inserting a period; and (3) in subsection (b)— (A) by striking weighting and inserting weighing ; and (B) by striking the semicolon at the end and inserting a period. 3. Methods to transfer funds Section 409(a) of the Packers and Stockyards Act, 1921 ( 7 U.S.C. 228b(a) ) is amended— (1) in the first proviso, by striking shall wire transfer funds to the seller’s account each place it appears and inserting shall transfer funds for the full amount of the purchase price to the account of the seller by wire, electronic funds transfer, or any other expeditious method determined appropriate by the Secretary ; and (2) in the second proviso, by striking or dealer shall wire transfer funds and inserting or dealer shall transfer funds for the full amount of the purchase price by wire, electronic funds transfer, or any other expeditious method determined appropriate by the Secretary .