Wisconsin § 126.44 - Milk contractors; financial statements.

§ 126.44. Milk contractors; financial statements.

126.44(1) (1) Required annual financial statement. 126.44(1)(a) (a) A milk contractor shall file an annual financial statement with the department, before the department first licenses the milk contractor under s. 126.41 (1) , if the milk contractor’s license application shows any of the following: 126.44(1)(a)1. 1. That the amount of producer milk reported under s. 126.41 (6) (bg) exceeds 150,000 hundredweight. 126.44(1)(a)2. 2. Any deferred payment contract obligations under s. 126.41 (6) (ar) to a milk producer or producer agent that has not, under s. 126.70 (1) (b) , permanently waived eligibility to file a default claim against the milk contractor. 126.44(1)(b) (b) Except as provided in par. (d) , a milk contractor licensed under s. 126.41 (1) shall file an annual financial statement with the department during each license year if the milk contractor’s license application for that year shows any of the following: 126.44(1)(b)1. 1. That the amount of producer milk reported under s. 126.41 (6) (bg) exceeds 150,000 hundredweight and the milk contractor is not a contributing milk contractor who procures milk in this state solely as a producer agent. 126.44(1)(b)2. 2. Any deferred payment contract obligations under s. 126.41 (6) (ar) to a milk producer or producer agent that has not, under s. 126.70 (1) (b) , permanently waived eligibility to file a default claim against the milk contractor. 126.44(1)(cm) (cm) A milk contractor shall file an annual financial statement under par. (b) by the 15th day of the 4th month following the close of the milk contractor’s fiscal year. The department may extend the filing deadline for up to 30 days if the milk contractor, or the accountant preparing the financial statement, files a written extension request at least 10 days before the filing deadline. 126.44(1)(d) (d) Rather than filing an annual financial statement under par. (b) , a milk contractor who is disqualified under s. 126.45 (3) (a) may file, during each fiscal year, a compilation of financial information that is satisfactory to the department. The milk contractor shall file the financial information by the 15th day of the 4th month following the close of the milk contractor’s fiscal year. The department may extend the filing deadline for up to 30 days if the milk contractor, or an accountant preparing the financial information, files a written extension request at least 10 days before the filing deadline. 126.44(1)(e) (e) 126.44(1)(e)1. 1. Except as provided in subd. 2. , a milk contractor licensed under s.