The Minnesota Legislature has made changes to the Grain Buyer and Grain Buy & Store licenses. The changes took effect on June 27, 2022.

Highlights

  • Grain elevatorThere are new requirements and changes you need to follow to get your Grain Buyer and Grain Buy & Store licenses from the Minnesota Department of Agriculture (MDA).
  • Changes to the law took effect on June 27, 2022.
  • Changes to the law focus on financial reporting, contracts, exams, and bonding.

Financial Reporting

  • NEW: Anyone buying grain must submit financial statements to the MDA. The requirements for those statements vary depending on the amount of grain purchased annually.
    • $7.5 million or more: The financial statements must be audited by a certified public accountant.
    • Less than $7.5 million: The financial statements must be reviewed by a certified public accountant.
    • Less than $1,000,000: No financial statements are required of anyone buying less than $1,000,000 of grain annually with cash or cash equivalent. Learn more about the definition of "cash or cash equivalent."

NOTE: Financial statements should be submitted to the MDA anytime within the licensing period July 1through June 30.

You can find more information on this change in State Statute here.

 

Bonding

You can learn more about this new requirement in State Statute here.