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H.R. 5883 (114th): Clarification of Treatment of Electronic Sales of Livestock Act of 2016

The text of the bill below is as of Jul 14, 2016 (Introduced).


I

114th CONGRESS

2d Session

H. R. 5883

IN THE HOUSE OF REPRESENTATIVES

July 14, 2016

introduced the following bill; which was referred to the Committee on Agriculture

A BILL

To amend the Packers and Stockyards Act, 1921, to clarify the duties relating to services furnished in connection with the buying or selling of livestock in commerce through online, video, or other electronic methods, and for other purposes.

1.

Short title

This Act may be cited as the Technical and Clarifying Amendments to the Packers and Stockyards Act of 2016.

2.

Definition of market agency

(a)

In general

Section 301 of the Packers and Stockyards Act, 1921 (7 U.S.C. 201) is amended by striking subsection (c) and inserting the following:

(c)

The term market agency means any person engaged in the business of—

(1)

buying or selling in commerce livestock on a commission basis;

(2)

furnishing stockyard services; or

(3)

buying or selling livestock in commerce through online, video, or other electronic methods on a commission or other fee basis when handling or providing a means to handle receivables or proceeds from the sale of that livestock.

.

(b)

Technical amendments

Section 301 of the Packers and Stockyards Act, 1921 (7 U.S.C. 201) is amended—

(1)

in the matter preceding subsection (a), by striking in this Act— and inserting in this Act:;

(2)

in subsection (a), by striking the semicolon at the end and inserting a period; and

(3)

in subsection (b), by striking the semicolon at the end and inserting a period.

3.

Methods to transfer funds

Section 409(a) of the Packers and Stockyards Act, 1921 (7 U.S.C. 228b(a)) is amended—

(1)

in the first proviso, by striking shall wire transfer funds to the seller’s account each place it appears and inserting shall transfer funds to the account of the seller by wire, electronic fund transfer, or any other expeditious method determined appropriate by the Secretary; and

(2)

in the second proviso, by striking shall wire transfer funds and inserting shall transfer funds by wire, electronic fund transfer, or any other expeditious method determined appropriate by the Secretary.