288.510 Purchasing milk for resale or manufacture into another product; payment; manner; dates; issuance of check; notation. Sec. 40. (1) A person purchasing milk for resale or manufacture into another product shall pay the producer in a manner and on dates set by the United States department of agriculture milk market administrator or as mutually […]
288.511 Security device as condition to issuance and maintenance of license; exemption. Sec. 41. (1) The department shall revoke or deny a license for a milk plant if the licensee or applicant fails to provide 1 of the security devices required as a condition to issuance and maintenance of a license. As a condition to […]
288.512 Milk plant not providing security device; audited or verified financial statement; requirements. Sec. 42. (1) A licensee or applicant for a license as a milk plant not providing a security device under section 43 or 44 shall provide an audited fiscal year end financial statement prepared by a certified public accountant according to generally […]
288.513 Other forms of security; terms and conditions; value. Sec. 43. (1) A licensee or applicant for a license as a milk plant not providing a security device under section 42 or 44 shall provide any of the following forms of security, in a form and subject to terms and conditions considered necessary by the […]
288.514 Prepayment. Sec. 44. A licensee or applicant for licensure as a milk plant not providing a security device under section 42 or 43 shall provide an agreement in which the milk plant prepays for its milk supply by means of cash payments before or at the time the milk is received at the plant. […]
288.515 Cancellation or modification of security device; milk plant as first receiving point for milk; milk sold in interstate commerce; choice of independent audit or voluntary security modification; cost of audit; payment; failure of milk plant to meet minimum liquidity requirement. Sec. 45. (1) A milk plant shall not cancel or modify a security device […]
288.516 Change in security device; circumstances; decision by department to require modification of security device; notice to producers shipping milk. Sec. 46. (1) A milk plant may request a change in its security device at any time. The department shall allow the change in the milk plant’s security device if all requirements for the new […]
288.517 Breach of secured obligation; filing verified proof of claim or evidence of default; entry of department order requiring creditors to file claims; publication of order; audit by department; order allowing or disallowing each claim; collection of amount from licensee or surety to satisfy claims; action by attorney general; award of interest; other lien, security, […]
288.518 License issued, renewed, or modified; notice to producers delivering milk; form. Sec. 48. The department shall notify producers delivering milk to a licensed milk plant any time a license is issued, renewed, or modified. The notice sent by the department shall substantially conform to the following: “Michigan law requires milk plant licensees to demonstrate […]
