LINCOLN – The Nebraska Public Service Commission (PSC) reminded grain producers and dealers in Nebraska of the state’s laws when it comes to doing business with grain dealers.
According to a release, it is important for a producer or seller to verify a grain dealer is licensed in the state of Nebraska. The producer will not have protections if the dealer is unlicensed in Nebraska. A list of grain dealers in Nebraska can be found on the Grain Department page on PSC’s website.
Commission Chair Dan Watermeier reiterated the importance of a producer or seller ensuring a grain dealer holds a Nebraska license and how the grain dealer has posted a security bond with the PSC, which guarantees protection for themselves.
Under the Nebraska Grain Dealer Act, a producer or seller must demand payment within 15 days of completing a contract with a dealer if they want to ensure their transactions are covered. If payment is not demanded within 15 days, the producer or seller will be unsecured creditors of the dealer and relinquish protection from the grain dealer’s security.
Watermeier added how knowing the law can save a producer or seller time and money if a grain dealer were to experience issues.
Information for producers/sellers, grain dealers and grain warehouses can be found on the Grain Department page of the PSC website. Questions can be emailed to psc.grain@nebraska.gov.
