La. Admin. Code tit. 7 § XXVII-101
Adjudicatory Proceeding-an open public hearing by the commission to determine whether violations of R.S. 3:3401-3425 or the regulations contained in this Part have occurred. Such proceedings are conducted in accordance with the Administrative Procedure Act (R.S. 49:950 et seq.).
Advance-a partial payment against total proceeds due to a seller.
Agricultural Commodities-cotton, all agricultural products commonly classed as grain (rice, corn, wheat, oats, rye, soybeans, barley, and grain sorghum), and any other agricultural commodity which the commission may declare to be an agricultural commodity subject to regulation under R.S. 3:3401-3425.
Applicant-any person making application for a license to engage in any of the activities regulated under R.S. 3:3401-3425 or anyone who requests official grain inspection services and/or grain weighing services of the department.
Audited (with respect to a financial statement)-a financial statement prepared by an independent certified public accountant, the basis of which financial statement is the accountant's independent examination of the books and records of the business entity covered by the financial statement.
Authentic Act-a statement executed before a notary public and at least two witnesses.
Authorized Agent-with reference to the authorized agent of a warehouse or grain dealer, any representative thereof whose name has been filed with the commission as such. A person whose name has not been filed with the commission as an authorized agent will not be recognized by the commission as entitled to act for or on behalf of a warehouse or grain dealer.
Bid Contract-an agreement between a producer and a purchaser under which the purchaser examines samples of rice and extends to the producer an offer to purchase the rice at a price based on the quality of the sample.
Capacity-all of the area of a licensee which is in any kind of protected enclosure.
CCC-Commodity Credit Corporation.
Central Filing System (CFS)-a n electronic system operated and maintained by a provider where information relating to electronic warehouse receipts is recorded and maintained in a confidential and secure fashion independent of any outside influence or bias in action or appearance, and that is authorized by the director.
Certified-with respect to the financial statements required under the Act R.S. 3:3401-3425, a written statement signed by the independent certified public accountant preparing the financial statement.
Commission-the Louisiana Agricultural Commodities Commission.
Commissioner-the Louisiana Commissioner of Agriculture and Forestry.
Compilation-with respect to a financial statement, a financial statement prepared by an independent certified public accountant solely on the basis of representations of the management of the business entity covered by the financial statement.
Confirmation Date-the date on which the bid contract was confirmed.
Confirmed-the bid contract has been agreed to by both parties. A bid contract is confirmed when the producer and the purchaser agree to the quantity and price of the rice to be sold.
Cotton Agent-every person, firm, corporation, association, or other legal entity which purchases or contracts to purchase cotton grown or to be grown by producers in this state for or on behalf of a cotton merchant and which is required to be a party to a notarized written agency agreement.
Cotton Merchant-every person, firm, corporation, association, or other legal entity which purchases or contracts to purchase, either directly or through a cotton agent, cotton grown or to be grown by producers in this state.
Current Financial Statement-a financial statement containing all of the documents listed in §107. B of this Part and presenting financial position as of the close of the applicant's or licensee's most recent fiscal year.
Deferred Price Commodities-commodities purchased by a grain dealer from a producer for which the sale price will be established after date of the initial agreement between the parties. The agreement between the parties covering deferred price commodities shall be in writing. The term deferred price commodities is the same as the other following terms in general usage: price later, no price established (NPE), delayed price, basis contract, future settlement delivery, or contract for purchase.
Delivery Date-the date on which the purchaser is required to take delivery of the rice, either under the provisions of Subchapter O of this Chapter or under the provisions of a written agreement between the producer and the purchaser.
Department-the Louisiana Department of Agriculture and Forestry.
Director-the employee of the commission who is responsible for implementing the policies of the commission and performing the administrative responsibilities delegated to the commissioner under R.S. 3:3401-3425.
Electronic Warehouse Receipt (EWR)- a receipt that is issued or transmitted in the form of an electronic document.
Farm Products-products employed directly in the cultivation, production, or harvesting of any agricultural commodities or containers for agricultural commodities or farm products.
Fee-any charge imposed by a warehouse, directly or indirectly, for care of agricultural commodities belonging to any person other than the warehouse owner, including but not limited to base price adjustments, storage, handling, dockage, commission, drying, and/or conditioning fees or any fees as listed on the latest approved schedule of fees (§128. D of this Part) for official grain inspections and weighing services provided by the department.
Field Warehouse-a warehouse operated by a management organization under a contractual agreement between the management organization and the owner of the warehouse.
First Point of Sale-the initial time when title to agricultural commodities or farm products passes from a seller to a buyer.
Grain- corn, wheat, oats, rye, soybeans, barley, and grain sorghum.
Grain Dealer-any person who purchases agricultural commodities from producers, sells agricultural commodities for producers, or represents producers in the purchase or sale of agricultural commodities. The term does not include producers who purchase grain commodities for their own use as feed or seed.
Hedge (with respect to a contract to sell commodities)-a secondary contract to buy commodities to protect the obligations incurred with respect to the contract to sell. Hedge, with respect to a contract to buy commodities, means a secondary contract to sell commodities to protect the obligations incurred with respect to the contract to buy.
Identity Preserve-
1. instances in which a warehouse preserves the separate identities of different lots of agricultural commodities; or
2. instances in which a warehouse preserves the separate identities of agricultural commodities belonging to different owners.
Independent Certified Public Accountant-a person who has completed all requirements established by the American Institute of Certified Public Accountants and the state Society of Louisiana Certified Public Accountants. To be recognized as an independent public accountant, the accountant, members of his immediate family, and his accounting business associates shall be totally free of any obligation to or interest in the client, its management, or its owners.
Licensed Capacity-the warehouse area which is bonded for the storage of agricultural commodities or farm products belonging to a person other than the owner of the warehouse.
Licensee-any person holding a license as a warehouse, cotton merchant or grain dealer issued by the commission.
Open or Open Position-the grain dealer's contracts for purchase or sale of agricultural commodities which are unhedged.
Person-any individual, partnership, company, firm, association, corporation, cooperative association, or any other legal entity engaged in any of the activities regulated under R.S. 3:3401-3425.
Producer-the owner, tenant, lessee, or operator of land within this state who has an interest in or receives all or any part of the proceeds from the sale of agricultural commodities produced thereon.
Purchaser-any person who purchases rice from a producer under a bid contract.
Review (with respect to a financial statement)-a financial statement prepared by an independent certified public accountant, in the preparation of which financial statement the accountant makes such inquiries of management and performs such analyses and/or comparisons as may appear appropriate to the accountant.
Risk Position-the loss potential to the grain dealer resulting from bringing its open position to market.
Scale Ticket-the document issued to a producer when agricultural commodities are delivered to a warehouse or grain dealer.
Security-any financial instrument or document issued for the benefit of or given to the commission by a licensee or participant in any self-insurance fund program authorized by R.S. 3:3402 et seq., as assurance for the fulfillment of the obligations imposed on the licensee by applicable law or regulations.
Spot or Spot Sale-a transaction where title to agricultural commodities passes from the producer to the buyer on the day of delivery, in which transaction the producer is paid promptly at the market price established on the day of delivery.
Storage-the physical possession by a warehouse, in any manner and/or under any type of fee arrangement, of agricultural commodities belonging to any person other than the owner of the warehouse. The term storage does not apply to a transaction in which title passes from the seller to the buyer upon delivery.
Temporary Storage-storage of a commodity for a temporary period of time in a space approved by the commission which does not meet standard requirements for conventional storage.
Warehouse-any building, structure, or any other protected enclosure required to be licensed by the commission in which agricultural commodities or farm products are stored for the public for a fee. The term includes facilities which commingle commodities belonging to different owners and facilities which preserve the separate identities of different lots of agricultural commodities.
Warehouse Operator-any person or other entity operating a warehouse.
Warehouse Receipts-may be paper or electronic and may be negotiable or non-negotiable and are defined as follows.
1.Non-Negotiable Warehouse Receipts-written evidence of the deposit of agricultural commodities or farm products in a warehouse, which cannot be sold or traded by the holder and cannot be used to secure a loan.
2.Negotiable Warehouse Receipts-written evidence of the deposit of agricultural commodities or farm products in a warehouse, which can be sold or traded by the holder and can be used to secure a loan.
La. Admin. Code tit. 7, § XXVII-101