Who has to file security and what are the options for satisfying the security requirement?
A. Any licensed milk dealer that purchases milk directly from producers and/or cooperatives are required to file security to ensure that farmers are paid. A milk dealer can choose to pay into the New York Milk Producers Security Fund or provide full alternate security. Alternate security can be a bond or letter of credit covering 40 days of milk purchases. Dealers that pay into the security fund, unless exempted, must supplement such payments with a surety bond or letter of credit covering a minimum of twelve days’ purchases. Dealers who are financially weak may be required to provide security for more than the minimum amount. Exemption from the mandatory minimum security required is granted to dealers who make only small purchases of milk from producers or have better than average financial condition. The amount of surety bond or letter of credit that a dealer is required to provide is based on the volume of milk purchases and a review of the financial information provided. Additional
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