Embark on a journey of knowledge! Take the quiz and earn valuable credits.
Challenge yourself and boost your learning! Start the quiz now to earn credits.
Unlock your potential! Begin the quiz, answer questions, and accumulate credits along the way.
What is Perishable Agricultural Commodities Act mean?
The Perishable Agricultural Commodities Act, 1930 (PACA), enacted 10 June 1930 and codified as Chapter 20A of Title 7 of the United States Code, is a law that authorizes the regulation of the buying and selling of fresh and frozen fruits and vegetables to prevent unfair trading practices and to assure that sellers will be paid promptly.
According to PACA, both produce sellers and buyers must pay fees for a license in order to do business, and these license fees are the source of funding for a trust program that resolves disputes and protects sellers from non-payment when buyers become bankrupt. Amendments to the Act in 1995 (Pub.L. 104–48 (text) (pdf), Sec. 3) include a 3-year phase out of the annual license fees for retailers and grocery wholesaler-dealers to be replaced by one-time fee. (7 U.S.C. § 499a et seq.).
referencePosted on 22 Nov 2024, this text provides information on Miscellaneous in Governmental related to Governmental. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
Turn Your Knowledge into Earnings.
Ever curious about what that abbreviation stands for? fullforms has got them all listed out for you to explore. Simply,Choose a subject/topic and get started on a self-paced learning journey in a world of fullforms.
Write Your Comments or Explanations to Help Others