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Bill
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H.R. 5883 — what changed

Clarification of Treatment of Electronic Sales of Livestock Act of 2016

From Introduced in House to Reported in House. 3 sections amended between Introduced in House and Reported in House.

Section 1 Short title

changed This Act may be cited as the “Technical and Clarifying Amendments to the Packers and Stockyards “Clarification of Treatment of Electronic Sales of Livestock Act of 2016”.2016” .

Sec. 2 Definition of market agency

(a)
changed In general— Section 301 301(c) of the Packers and Stockyards Act, 1921 (7 U.S.C. 201) 201(c)) is amended by striking subsection (c) and inserting the following:amended—
(1)
added by striking “; and” at the end and inserting a period; and
(2)
added by adding at the end the following: “Beginning on the date of the enactment of the Clarification of Treatment of Electronic Sales of Livestock Act of 2016, such term includes 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 when handling or providing the means to handle receivables or proceeds from such buying or selling, so long as such person’s annual average of online, video, or electronic sales of livestock, on a commission or other fee basis, exceeds $250,000.”.

removed “(c) The term “market agency” means any person engaged in the business of—

removed “(1) buying or selling in commerce livestock on a commission basis;

removed “(2) furnishing stockyard services; or

removed “(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)
changed in the matter preceding subsection (a), by striking “in “When used in this Act—” and inserting “in “In this Act:”;
(2)
in subsection (a), by striking the semicolon at the end and inserting a period; and
(3)
changed in subsection (b), by striking the semicolon at the end and inserting a period.(b)—
(A)
added by striking “weighting” and inserting “weighing”; and
(B)
added by striking the semicolon at the end and inserting a period.

Sec. 3 Methods to transfer funds

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

(1)
changed in the first proviso, by striking “shall wire transfer funds to the seller’s account” each place it appears and inserting “shall transfer funds for the full amount of the purchase price to the account of the seller by wire, electronic fund funds transfer, or any other expeditious method determined appropriate by the Secretary”; and
(2)
changed in the second proviso, by striking “shall “or dealer shall wire transfer funds” and inserting “shall “or dealer shall transfer funds for the full amount of the purchase price by wire, electronic fund funds transfer, or any other expeditious method determined appropriate by the Secretary”.