Tennessee § 43-29-109 - Withholding and transfer of funds — Report.

§ 43-29-109. Withholding and transfer of funds — Report.

The assessed rate as approved by referendum shall be deducted by the purchaser from the amount paid to the producer at the first point of sale. Each purchaser shall submit to the department or to the department's contractor or designee the total amount of funds withheld from producers on or before a date specified by the commissioner. The assessment levied on each head of cattle sold shall not apply to cattle purchased by a purchaser whose only share in the proceeds of a sale is a sales commission or handling fee or other service fee and who has delivered the cattle to facilitate the transfer of ownership from the seller and a third party. These cattle must be resold within ten (10) days from the date on which the person acquired ownership, with certification made to the department on forms approved by the commissioner. On or before the twentieth day of January, April, July and October of each year, the commissioner shall pay to the promotion board for that particular commodity all proceeds collected, less refunds and less an amount not to exceed five percent (5%) of the gross amount collected, or a sum sufficient to cover all of the department's expenses of collection, whichever is less, together with a report of all funds collected and disbursed. Acts 1985, ch. 188, § 9; 2012, ch. 1049, § 1. Amendments. The 2012 amendment rewrote the second sentence which read: “Within ten (10) days after the end of each calendar month, each purchaser shall submit to the department the total amount of funds withheld from producers.”; and added the third and fourth sentences. Effective Dates. Acts 2012, ch. 1049, § 4. May 21, 2012.