[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 3350 Introduced in Senate (IS)]

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114th CONGRESS
  2d Session
                                S. 3350

 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.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 15, 2016

Mr. Cochran (for himself and Mr. Tester) introduced the following bill; 
  which was read twice and referred to the Committee on Agriculture, 
                        Nutrition, and Forestry

_______________________________________________________________________

                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Clarification of Treatment of 
Electronic Sales of Livestock Act of 2016''.

SEC. 2. DEFINITION OF MARKET AGENCY.

    (a) In General.--Section 301(c) of the Packers and Stockyards Act, 
1921 (7 U.S.C. 201(c)) is amended--
            (1) by striking ``; and'' at the end and inserting a 
        period; and
            (2) 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.''.
    (b) Technical Amendments.--Section 301 of the Packers and 
Stockyards Act, 1921 (7 U.S.C. 201) is amended--
            (1) in the matter preceding subsection (a), by striking 
        ``When used in this Act--'' and inserting ``In this Act:'';
            (2) in subsection (a), by striking the semicolon at the end 
        and inserting a period; and
            (3) in subsection (b)--
                    (A) by striking ``weighting'' and inserting 
                ``weighing''; and
                    (B) 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--
            (1) 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
            (2) 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''.
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