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756 Commission Merchants Act Account

Account code: 756
Account title: Commission Merchants Act Account
Administering agency: 4950 - Department of Agriculture
Fund type: BA - Special Revenue Funds
Roll-up fund: BB - Multimodal Transportation Fund
Cash type: 3 - Local Fund
SAAM budget type:
Interest earning authority:
Authority: RCW 43.88.195
Closing GL Code:
Description: Under the Commission Merchants Act commercial purchases of agricultural products from farmers must be licensed and bonded by the Department of Agriculture. When a purchaser fails to pay the farmers for their products, the bond is called and the farmers are allocated partial reimbursement. Often farmers may only receive a few cents on the dollar. This account is used to process these payments.
Sources of revenue: Charges and Miscellaneous Revenue, Other Miscellaneous Revenue
Clientele: Farmers
Effective date:
Inactive date: 5/21/2005
Notes: