1.1                          A bill for an act 
  1.2             relating to agriculture; clarifying certain 
  1.3             requirements under agricultural contracts; amending 
  1.4             Minnesota Statutes 2000, section 17.90, subdivision 
  1.5             1a, by adding a subdivision; Minnesota Statutes 2001 
  1.6             Supplement, section 17.9442. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 2000, section 17.90, 
  1.9   subdivision 1a, is amended to read: 
  1.10     Subd. 1a.  [AGRICULTURAL CONTRACT.] "Agricultural contract" 
  1.11  means any written contract between a contractor and a producer, 
  1.12  but does not include a contract between a grain buyer licensed 
  1.13  under section 223.17, subdivision 1, who purchases grain from a 
  1.14  producer as a merchant or seller of grain and does not contract 
  1.15  with the producer to grow or raise the crops producing the grain.
  1.16     Sec. 2.  Minnesota Statutes 2000, section 17.90, is amended 
  1.17  by adding a subdivision to read: 
  1.18     Subd. 3b.  [GRAIN.] "Grain" has the meaning given in 
  1.19  section 223.16, subdivision 4. 
  1.20     Sec. 3.  Minnesota Statutes 2001 Supplement, section 
  1.21  17.9442, is amended to read: 
  1.22     17.9442 [APPLICABILITY OF CONTRACT REQUIREMENTS.] 
  1.23     The requirements for the written disclosure of material 
  1.24  risks under section 17.91, subdivision 2; the three-day review 
  1.25  period under section 17.941; the cover sheet requirement under 
  1.26  section 17.942; and the contract readability requirements under 
  2.1   section 17.943, subdivision 1, do not apply to contracts which 
  2.2   provide for: 
  2.3      (1) the sale and purchase of a fixed amount of a commodity 
  2.4   for delivery at a set price; 
  2.5      (2) ~~price-later~~ cash sale and forward delivery grain 
  2.6   contracts that are not traded on a regulated commodity exchange 
  2.7   if the contract is for grain meeting certain specifications and 
  2.8   does not prescribe the time, manner, and nature of planting, 
  2.9   cultivating, and harvesting the crop producing the grain, 
  2.10  including fixed price forward contracts, minimum price 
  2.11  contracts, mini-max contracts, basis contracts, hedge-to-arrive 
  2.12  contracts, and delayed price contracts; 
  2.13     (3) contracts agreed to between a processor and an 
  2.14  accredited bargaining organization under sections 17.691 to 
  2.15  17.702; 
  2.16     (4) ~~future~~ futures contracts which involve the sale or 
  2.17  purchase of a standardized quantity of a commodity for future 
  2.18  delivery on a regulated commodity exchange; 
  2.19     (5) agricultural marketing contracts between a capital 
  2.20  stock cooperative and its members under section 308A.205; or 
  2.21     (6) occasional sales between persons who produce or cause 
  2.22  to be produced food, feed, or fiber in a quantity beyond their 
  2.23  own family use.