LITTLE ROCK, Ark. (AP) - The Arkansas Plant Board has approved an emergency rule allowing the licensing of grain dealers in the state.
The Arkansas Democrat-Gazette (https://bit.ly/1Hgfnt7 ) reports the emergency rule establishes the licensing, bonding and auditing framework required under a state law for people and companies who buy and sell grain.
The law was passed in March by the Legislature in response to the failure of Turner Grain Merchandising Inc. of Brinkley. Its collapse cost farmers tens of millions in losses.
Meanwhile, the board on Wednesday also delayed action on requirements for record keeping until regulators, farmers, dealers and others in the industry reach a consensus on them.
The board’s director said staff will meet with farmers and others to devise definitions that everyone can use in their record keeping.
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Information from: Arkansas Democrat-Gazette, https://www.arkansasonline.com
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