126.48 Milk contractors; payments to producers.
(1) First monthly payment. Except as provided under the terms of a deferred payment contract that satisfies the requirements under s. 126.485, by the 4th day of each month, a milk contractor shall pay for producer milk received during the first 15 days of the preceding month. The milk contractor shall base the payment on an estimated price that is at least 80 percent of the class III price published by the regional federal milk market administrator for the month preceding the month in which the milk is received, or 80 percent of the contract price, whichever is greater.
(2) Second monthly payment. Except as provided under the terms of a deferred payment contract that satisfies the requirements under s. 126.485, by the 19th day of each month, a milk contractor shall pay the balance due for producer milk received during the preceding month.
History: 2001 a. 16; 2017 a. 155.