Section 1 Short title
This Act may be cited as the “Clarification of Treatment of Electronic Sales of Livestock Act of 2016” .
Clarification of Treatment of Electronic Sales of Livestock Act of 2016
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.
Sec. 2 Definition of market agency
by striking “; and” at the end and inserting a period; and
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.”.
Technical amendments— Section 301 of the Packers and Stockyards Act, 1921 (7 U.S.C. 201) is amended—
in the matter preceding subsection (a), by striking “When used in this Act—” and inserting “In this Act:”;
in subsection (a), by striking the semicolon at the end and inserting a period; and
in subsection (b)—
by striking “weighting” and inserting “weighing”; and
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—
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 funds transfer, or any other expeditious method determined appropriate by the Secretary”; and
in the second proviso, by striking “or dealer shall wire transfer funds” and inserting “or dealer shall transfer funds for the full amount of the purchase price by wire, electronic funds transfer, or any other expeditious method determined appropriate by the Secretary”.