H.R.5086 - Egg Producers' Financial Protection Act of 1988100th Congress (1987-1988)
|Sponsor:||Rep. Stenholm, Charles W. [D-TX-17] (Introduced 07/14/1988)|
|Committees:||House - Agriculture|
|Latest Action:||House - 09/22/1988 Subcommittee Hearings Held. (All Actions)|
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Summary: H.R.5086 — 100th Congress (1987-1988)All Information (Except Text)
Introduced in House (07/14/1988)
Egg Producers' Financial Protection Act of 1988 - Amends the Packers and Stockyards Act, 1921 to establish a statutory trust for the benefit of unpaid egg producers or egg handlers from the inventories of, and proceeds from, such eggs or egg products held by egg purchasers with an average annual value of eggs (by purchase or production arrangement) greater than $50,000.
States that a dishonored payment instrument shall not be considered as payment.
Provides that an unpaid producer or handler shall lose such trust benefit if he or she fails to give written notice of nonpayment or dishonored payment to the purchaser within specified time periods and by filing such notice with the Secretary of Agriculture.
Includes egg purchase and production activities under the enforcement provisions of such Act.
Includes egg purchasers under the recordkeeping provisions of such Act.
States that the Secretary may only exercise jurisdiction over egg producers in prompt payment or unreasonable or discriminatory practices proceedings in order to avoid impairment of the Secretary's jurisdiction.
Authorizes the Secretary to seek injunctive relief in egg payment disputes.
Provides administrative enforcement authority for egg trust and prompt payment provisions under such Act.
Requires a purchaser to pay a producer or handler in full within 14 days of the transfer of possession of such eggs. States that a payment delay or attempted delay shall be considered an "unfair practice" violation under such Act.
States that the amendments made by this Act shall not be construed to: (1) affect the Secretary's authority with respect to live poultry or poultry products; or (2) affect the Federal Trade Commission's authority to prevent unfair competition or practices in commerce.