(1) "Cash" includes only currency, cashier's checks, and money orders.

(2) "Dealer" means any person or agent of such person who engages in or facilitates, including by electronic means, the business of buying, selling, exchanging, or otherwise transferring ownership of livestock within this state for his or her own account or for that of another; provided, however, that the term "dealer" shall not include:

(A) Farmers acquiring livestock solely for the purpose of grazing and feeding as a part of their farm operations;

(B) Packers whose total annual purchases of livestock are less than $50,000.00 who buy only from licensed dealers and licensed sales establishments;

(C) Persons selling only livestock of their own production or buying only for their own production; or

(D) Persons auctioning livestock on behalf of a third party.

(3) "Livestock" means cattle, swine, equines, sheep, and goats of all kinds and species.

(4) "Livestock market operator" means any person engaged in the business of operating a sales establishment, public auctions or sales of livestock, or barns and yards for the containment of livestock held for the purpose of auction or sale.

(5) "Person" means any person, firm, corporation, association, cooperative, or combination thereof.

(6) "Sales establishment" means any yard, barn, or other premises where livestock is sold at auction.

(7) "Surety" means a letter of credit, certificate of deposit, or other written instrument issued or executed by a lending institution or bonding, surety, or insurance company licensed to do business in this state, guaranteeing the faithful performance of the terms of the contract of purchase, including the payment of the purchase price of all livestock purchased by the holder of such instrument, made payable to the Commissioner for the benefit of persons sustaining loss resulting from the nonpayment of the purchase price or the failure to fulfill the terms of the contract of purchase.