Livestock Marketing Reform Act

Summary

Livestock Marketing Reform Act - Title I: General Provisions and Definitions - Declares that it is in the public interest to apply open, free, and competitive factors to purchases and sales of livestock in commerce. Defines terms used in this Act. Title II: Livestock Marketing Commission - Establishes the Livestock Marketing Commission to be composed of three commissioners appointed by the President with the advice and consent of the Senate. Empowers the Commission to prevent persons or organizations subject to this Act or combinations of persons and organizations, as defined herein, from engaging in transactions or practices, or both transactions and practices, which are declared unlawful, unfair, or illegal by this Act. Title III: Advisory Board - Directs the Commission to establish an Advisory Board to advise and consult with the Commission on questions affecting the livestock industry and the exercise of the Commission's functions. Title IV: Jurisdiction - Places jurisdiction over violations of the provisions of this Act under the district courts of the United States. Empowers the Commission to investigate suspected violations of the provisions of this Act. Grants the Commission the power to subpena witnesses and require the production of evidence. Title V: Unlawful Transactions - Declares it unlawful for persons engaged in the livestock business to: (1) commit any act of fraud or deceit; (2) misrepresent a material fact with intent to mislead any person; or (3) steal, appropriate, or embezzle livestock or money. Title VI: Illegal Marketing Practices - Declares it an unfair marketing practice, and illegal, for any livestock market, livestock dealer, or livestock broker, in the course of his, or its, business, in commerce to: (1) violate any of the provisions of this Act relating to financial responsibility; (2) violate any of the provisions of this Act relating to scales and weighing; (3) knowingly be a party to any act not done in "good faith" in the sense of that term as defined with respect to the definition of "merchant" in the provisions of the Uniform Commercial Code of the State in which any livestock marketing transaction originated or was consummated; (4) conspire, combine, or arrange with any other person to fix, manipulate, or control the prices of livestock; and (5) become voluntarily involved in unfair methods of competition, deceptive acts or practices. Title VII: Financial Responsibility - Requires every livestock market, livestock dealer, and livestock broker to maintain a financial position reflecting total assets in excess of total liabilities under established accounting principles customary and usual to those businesses. Requires every such market, dealer, and broker to settle by check, draft, or other bankable instrument from secured funds each livestock purchase or sale transaction in commerce involving any other such market, dealer, or broker upon completion of such transaction. Requires every such market, dealer, and broker to maintain a current daily balance and reconciliation of all seller and buyer accounts in commerce involving any other such market, dealer, or broker. Title VIII: Scales and Weighing - Requires the use of fully modern and accurate scales in each livestock transaction in which the sale price is determined by the weight of the livestock. Title IX: Multiple Businesses - States that it is legal for livestock markets, dealers, or brokers to engage in other businesses. Title X: Arbitration - Directs the Commission to establish and conduct arbitration procedures for the settlement of disputes arising out of livestock transactions. Title XI: Penalties - Provides punishment by fine or imprisonment for a violation of Title V of this Act. Provides for the issuance of a cease and desist order with respect to any illegal marketing practices enumerated in Title VI of this Act. Title XII: Repealing Clauses - Repeals specified provisions of existing statutes. Title XIII: General Provisions - States that if any part of this Act is held to be invalid, the remainder shall not be affected thereby.

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1 official file

• Introduced in Senate

  summary · EN · 26 June 1975

  Open at official source

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