S.3140 - SALE Act of 2018115th Congress (2017-2018)
|Sponsor:||Sen. Inhofe, James M. [R-OK] (Introduced 06/26/2018)|
|Committees:||Senate - Agriculture, Nutrition, and Forestry|
|Latest Action:||Senate - 06/26/2018 Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (All Actions)|
This bill has the status Introduced
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Summary: S.3140 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (06/26/2018)
Securing All Livestock Equitably Act of 2018 or the SALE Act of 2018
This bill amends the Packers and Stockyards Act, 1921 to require all livestock purchased by a dealer in cash sales and all inventories of, or receivables or proceeds from, such livestock to be held by the dealer in a trust until all unpaid cash sellers of the livestock have been paid.
The bill exempts from the requirement any dealer whose average annual purchases of livestock do not exceed $250,000. A dealer and cash seller may voluntarily waive the requirement using a written agreement that meets specified requirements.
The bill also specifies requirements regarding enforcement, preserving a trust, notifying lien holders, and purchasing or transferring livestock that is subject to a trust.