Clarification of Treatment of Electronic Sales of Livestock Act of 2016

(This measure has not been amended since it was reported to the House on September 20, 2016. The summary of that version is repeated here.) Clarification of Treatment of Electronic Sales of Livestock Act of 2016 (Sec. 2) This bill amends the Packers and Stockyards Act, 1921 to expand the definition of "marketing agency" to include any person who engages in the business of buying or selling livestock, on a commission or other fee basis, through the use of online, video, or other electronic methods. The term "marketing agency" does not include a person whose annual average of online, video, or electronic sales of livestock, on a commission or other fee basis, is less than $250,000. (Sec. 3) The bill also permits electronic funds transfers and other expeditious payment methods that the Department of Agriculture determines to be appropriate to be used as options for meeting prompt payment requirements for livestock purchases.

(This measure has not been amended since it was reported to the House on September 20, 2016. The summary of that version is repeated here.) Clarification of Treatment of Electronic Sales of Livestock Act of 2016 (Sec. 2) This bill amends the Packers and Stockyards Act, 1921 to expand the definition of "marketing agency" to include any person who engages in the business of buying or selling livestock, on a commission or other fee basis, through the use of online, video, or other electronic methods. The term "marketing agency" does not include a person whose annual average of online, video, or electronic sales of livestock, on a commission or other fee basis, is less than $250,000. (Sec. 3) The bill also permits electronic funds transfers and other expeditious payment methods that the Department of Agriculture determines to be appropriate to be used as options for meeting prompt payment requirements for livestock purchases.

Clarification of Treatment of Electronic Sales of Livestock Act of 2016 (Sec. 2) This bill amends the Packers and Stockyards Act, 1921 to expand the definition of "marketing agency" to include any person who engages in the business of buying or selling livestock, on a commission or other fee basis, through the use of online, video, or other electronic methods. The term "marketing agency" does not include a person whose annual average of online, video, or electronic sales of livestock, on a commission or other fee basis, is less than $250,000. (Sec. 3) The bill also permits electronic funds transfers and other expeditious payment methods that the Department of Agriculture determines to be appropriate to be used as options for meeting prompt payment requirements for livestock purchases.

(This measure has not been amended since it was reported to the House on September 20, 2016. The summary of that version is repeated here.) Clarification of Treatment of Electronic Sales of Livestock Act of 2016 (Sec. 2) This bill amends the Packers and Stockyards Act, 1921 to expand the definition of "marketing agency" to include any person who engages in the business of buying or selling livestock, on a commission or other fee basis, through the use of online, video, or other electronic methods. The term "marketing agency" does not include a person whose annual average of online, video, or electronic sales of livestock, on a commission or other fee basis, is less than $250,000. (Sec. 3) The bill also permits electronic funds transfers and other expeditious payment methods that the Department of Agriculture determines to be appropriate to be used as options for meeting prompt payment requirements for livestock purchases.

Technical and Clarifying Amendments to the Packers and Stockyards Act of 2016 This bill amends the Packers and Stockyards Act, 1921 to expand the definition of "marketing agency" to include any person engaged in the business of 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. The bill also specifies that funds for purchasing livestock may be transferred to the account of the seller by electronic funds transfer or any other expeditious method that the Department of Agriculture determines to be appropriate.