What US Warehouse Act (7 USC ch 10): Licensing of Agricultural Warehouses, Receipts and Penalties requires
The United States Warehouse Act, codified at 7 U.S.C. Chapter 10 (sections 241-256), provides for the federal licensing and regulation of warehouses that store agricultural products and for the integrity of warehouse receipts, administered by the US Department of Agriculture. Section 241 defines the terms, and section 242 sets out the powers of the Secretary, including the authority to issue a license to a warehouse operator for the operation of a warehouse if the warehouse is suitable for the proper storage of the agricultural product. Section 243 provides for fees, and section 244 for quality and value standards. Section 245 requires, as a condition of a license or approval, that the applicant execute and file a bond or provide other financial assurance to secure the operator's obligations. Section 246 requires the maintenance of records, section 247 requires the operator to deal in a fair and reasonable manner with persons storing agricultural products, and section 248 governs the commingling of agricultural products. Section 250 governs warehouse receipts, requiring each receipt to contain the information the Secretary requires by regulation and prohibiting the issuance of an additional receipt while a receipt remains outstanding and uncancelled. Section 251 requires the operator, without unnecessary delay, to deliver the stored agricultural product on demand by the holder of the receipt or the depositor where the required charges are paid and the receipt is surrendered. Section 252 provides for the suspension or revocation of licenses. Section 254 sets the penalties: the Secretary may assess a civil penalty of not more than $25,000 per violation where an agricultural product is not involved in the violation, or of not more than 100 percent of the value of the agricultural product where one is involved. Penalty figures are subject to inflation adjustment by regulation.
Pillar: Agriculture & Agritech · Authority: US Congress / US Department of Agriculture (Warehouse and Commodity Management) · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/content/pkg/USCODE-2022-title7/html/USCODE-2022-title7-chap10.htm
SHA-256 integrity: cd69c65a6636c12f48acbfa539cad7ae80580ac31026be6c52debc99f531e1db
Primary Citations — 8 traced to source
- United States Warehouse Act, 7 U.S.C. 241 - definitions.
- United States Warehouse Act, 7 U.S.C. 242 - powers of the Secretary, including licensing of warehouse operators.
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