• the storage, warehousing, buying, and selling of farm produce within the state of Michigan
• the licensing, regulation, and bonding of grain dealers
• warehouse receipts and price later agreements and their priority
• the creation of security interests
• the establishment of an inspection service and personnel for licensed grain dealers
• Penalties for the violation of this act.

MDARD is required to supply sufficient copies of this Act to grain dealers upon request. A person shall not act or offer to act as a grain dealer without annually securing a license from MDARD. No license can be issued unless the dealer, which handles less than 500,000 bushels during their fiscal year, reports at least $50,000 in allowable net assets.  For dealers that handle more than 500,000 bushels, the calculation is 10 cents of allowable net assets for every bushel handle up to a maximum of $1,000,000 in allowable net assets.