126.43 Milk contractors; insurance. (1) FIRE AND EXTENDED COVERAGE INSURANCE. A milk contractor licensed under s. 126.41 (1) shall maintain fire and extended coverage insurance that covers, at their full value, all milk and milk products in the possession, custody, or control of the milk contractor. If the milk contractor is required to be licensed under s. 126.41 (1) (a), the milk contractor shall maintain insurance issued by an insurance company authorized to do business in this state. (2) INSURANCE CANCELLATION; REPLACEMENT. Whenever an insurance policy under sub. (1) is canceled, the milk contractor shall replace the policy so that there is no lapse in coverage. (3) INSURANCE COVERAGE; MISREPRESENTATION. No milk contractor may misrepresent any of the following to the department or to any milk producer or producer agent: (a) That the milk contractor is insured. (b) The nature, coverage, or material terms of the milk contractor’s insurance policy. History: 2001 a. 16.
126.44 Milk contractors; financial statements. (1) REQUIRED ANNUAL FINANCIAL STATEMENT. (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: 1. That the amount of producer milk reported under s. 126.41 (6) (bg) exceeds 150,000 hundredweight. 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. (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:
May 22, 2026, are designated by NOTES. (Published 5-22-26)
126.44
AGRICULTURAL PRODUCER SECURITY
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. 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. (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. (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. (e) 1. Except as provided in subd. 2., a milk contractor licensed under s. 126.41 may not incur any obligations under a deferred payment contract for milk procured in this state unless the contractor first notifies the department and files an annual financial statement with the department. 2. A milk contractor licensed under s. 126.41 is not required to notify the department or file an annual financial statement with the department under subd. 1. for an obligation incurred under a deferred payment contract, for milk procured in this state, with a milk producer or producer agent that has, under s. 126.70 (1) (b), permanently waived eligibility to file a default claim against the milk contractor. (2) VOLUNTARY ANNUAL FINANCIAL STATEMENT. A milk contractor licensed under s. 126.41 (1) who is not required to file a financial statement under sub. (1) may file an annual financial statement with the department for any of the following reasons: (a) To avoid being required to contribute to the fund under s.