The Minnesota Legislature has made changes to the Grain Buyer and Grain Buy & Store licenses. The changes took effect on June 27, 2022.
Highlights
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There 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
- NEW: Anyone buying less than $1,000,000 of grain annually with cash or cash equivalent does not need a bond or letter of credit. Learn more about the definition of "cash or cash equivalent."
You can learn more about this new requirement in State Statute here.
