(A) It is unlawful for a factor or commission merchant to receive from a planter cotton, rice, or other agricultural produce for sale and:

1. (1) sell the produce and fail to pay over the net proceeds to the planter on demand;
2. (2) apply the produce to his own use and benefit; or
3. (3) fail to account for the produce in a satisfactory manner if unsold.

(B) A person who violates the provisions of this section is guilty of a:

1. (1) felony and, upon conviction, must be fined in the discretion of the court or imprisoned not more than ten years, or both, if the sale amount of the commodities is five thousand dollars or more;
2. (2) felony and, upon conviction, must be fined in the discretion of the court or imprisoned not more than five years, or both, if the sale amount of the commodities is more than one thousand dollars but less than five thousand dollars;
3. (3) misdemeanor triable in magistrate's court if the sale amount of the commodities is one thousand dollars or less. Upon conviction, the person must be fined or imprisoned not more than is permitted by law without presentment or indictment by the grand jury.