SB 412 - This act prohibits the following entities from having any financial interest in a beer wholesaler, or serving as a director, manager, employee, or agent of a beer wholesaler: brewers; the officers, directors, agents, managers, agents, employees of brewers; and the affiliates of any of the above.
There are several exceptions to a brewer having a financial interest in a wholesaler under this act, including security interests, interests from a judgement against the wholesaler or an acquisition for a short period of time while the interest is being transferred to a third party, or a minority interest for no more than two years per a written agreement.
In addition, brewers may act as wholesalers in certain specified circumstances and brewers with an annual production of 10,000 barrels or less may have an interest in a beer wholesaler that only sells its products.
Beer wholesalers are also prohibited from having a financial interest in a brewer.
Definitions are included for "affiliate", "brewer", "financial interest", "person", and "wholesaler".
This act is similar to SB 876 (2012) and SB 64 (2011).