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TeachMeFinance.com - explain Perishable Agricultural Commodities Act (PACA) of 1930 Perishable Agricultural Commodities Act (PACA) of 1930 The term 'Perishable Agricultural Commodities Act (PACA) of 1930 ' as it applies to the area of agriculture can be defined as ' P.L. 71-325 (June 10, 1930), as amended, regulates 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. 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 (P.L. 104-48) include a 3-year phase out of the annual license fees for retailers and grocery wholesaler-dealers to be replaced by one-time fee'. Previous 5 Terms: Periodic table periodic table periodontics Periods Of Care (Hospice) Periphyton Next 5 Terms: Perishable commodities peristalith peristeronic peristerophily Peritoneal Dialysis About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.