[Federal Register Volume 59, Number 151 (Monday, August 8, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-19280]


[[Page Unknown]]

[Federal Register: August 8, 1994]


                                                   VOL. 59, NO. 151

                                             Monday, August 8, 1994

DEPARTMENT OF AGRICULTURE

Agricultural Stabilization and Conservation Service

 

Using Electronic Cotton Warehouse Receipts-U.S. Warehouse Act

AGENCY: Agricultural Stabilization and Conservation Service, USDA.

ACTION: Notice of Provider Agreements.

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SUMMARY: The United States Warehouse Act (USWA) and regulations have 
been amended to allow for the issuance of cotton warehouse receipts in 
electronic format. The amended USWA and regulations give USWA licensed 
cotton warehousemen the option of issuing electronic warehouse receipts 
(EWRs) in lieu of paper warehouse receipts. Other warehouse receipts 
may be electronically filed in the same system, but such receipts will 
not be regulated by the terms of the Agreement. Licensed warehousemen 
opting to issue EWRs will select a provider that has entered into an 
ASCS Provider Agreement. The Agreement authorizes the provider to 
electronically file USWA warehouse receipts. Providers may be any 
qualified individual or entity that meet certain uniform criteria that 
will be summarized in the Supplementary Information below.

FOR FURTHER INFORMATION: Chief, Licensing Authority Division, Kansas 
City Commodity Office, United States Department of Agriculture (USDA), 
ASCS, telephone 816-926-6474, FAX 816-926-6767.

SUPPLEMENTARY INFORMATION:

Authority

    Section 17 of the USWA (7 U.S.C. 259) has been amended to allow the 
use of a central filing system for electronic cotton warehouse 
receipts. Amended USWA Regulations for Cotton Warehouses were published 
in the Federal Register (59 FR 15033) on March 31, 1994.

Background

    Interested and affected parties include, but are not limited to, 
cotton growers/owners, ginners, warehousemen, merchandisers, lenders, 
and millers. All interested parties should be made aware that once a 
USWA licensed warehouseman has opted to issue warehouse receipts 
electronically, all warehouse receipts must first be issued 
electronically. When an individual deposits cotton in a participating 
USWA warehouse and wants a paper warehouse receipt, the EWR must first 
be issued and canceled before the paper warehouse receipt can be 
issued.
    Interested parties may obtain copies of the Provider Agreement by 
calling the person listed in the ``For Further Information'' section. 
Those interested in applying to become a provider, should so state in 
their request for a copy of the Provider Agreement. They will be sent 
copies of the Agreement with a cover letter outlining all the necessary 
details.
    The Agreement includes, but is not limited to, the following topics 
and elements:

    (1) USWA EWRs and other electronic warehouse receipts may be 
filed in the same central filing system;
    (2) the USWA cotton regulations are incorporated;
    (3) the hours and rights of access to the system;
    (4) the fees to be assessed and collected;
    (5) the financial and insurance requirements;
    (6) the provider's liability;
    (7) the information required for USWA EWRs;
    (8) the recordkeeping and security requirements;
    (9) system requirements, including shutdown and backup;
    (10) transferring EWRs from one provider to another;
    (11) transmission requirements; and
    (12) cases of suspensions or terminations.

    Signed at Washington, DC, on August 1, 1994.
Grant Buntrock,
Administrator, Agricultural Stabilization and Conservation Service.
[FR Doc. 94-19280 Filed 8-5-94; 8:45 am]
BILLING CODE 3410-05-P