5628‑S NOT ADOPT 3/19/91.1538

SSB 5628 - S Amd

    BySenator Hansen

                                        RULED OUT OF ORDER 3/19/91

On page 7, after line 25, insert the following:

    "NEW SECTION. Sec. 8.  A new section is added to chapter 20.01 RCW to read as follows:

    Each commission merchant shall establish a custodial account for consignor's proceeds.  All funds derived from the sale of agricultural products handled by a commission merchant on behalf of any other person shall be deposited into that account.  Such account shall be drawn on only for the payment of net proceeds to consignors, or to such other person or persons of whom the commission merchant has knowledge is entitled to such proceeds, and for the payment of the amounts due the commission merchant for the commission merchant's commission, filed and posted charges and for repayment of any advances.  Commission merchants shall maintain such accounts and records that will at all times disclose the names of the consignors and the amounts due and payable to each from the funds in the custodial account derived from the consignor's return.  Commission merchants shall maintain the required custodial accounts in a manner that will expedite examination by the director and will reflect compliance with the requirements of this section."