Clarification of Treatment of Electronic Sales of Livestock Act of 2016

Clarification of Treatment of Electronic Sales of Livestock Act of 2016

This bill amends the Packers and Stockyards Act, 1921 to expand the definition of "marketing agency" to include any person who engages in the business of buying or selling livestock, on a commission or other fee basis, through the use of online, video, or other electronic methods. The term "marketing agency" does not include a person whose annual average of online, video, or electronic sales of livestock, on a commission or other fee basis, is less than $250,000.

The bill also permits electronic funds transfers and other expeditious payment methods that the Department of Agriculture determines to be appropriate to be used as options for meeting prompt payment requirements for livestock purchases.