Signed by Governor Tim Walz

Vote Smart's Synopsis:

Vote to pass a bill that amends grain buyers' financial reporting requirements in Minnesota.

Highlights:

• Amends grain buyers' financial reporting requirements in Minnesota to include (Sec. 1):

• A balance sheet;​

• A statement of income (profit and loss);​

• A statement of retained earnings;​

• A statement of changes in financial position cash flow; and​

• A statement of the dollar amount of grain purchased in the previous fiscal year of the​ grain buyer;​

• Requires that grain buyers purchasing $17.5 million or more of grain annually be audited by a​ certified public accountant under standards established by the American Institute​ of Certified Public Accountants or similar international standards (Sec. 1).

• Specifies that the provisions of this bill shall take effect immediately following passage and approval by the Governor (Sec. 1).

Full Bill Text