SB2631

Establishes the Mississippi Grain Indemnity Act to protect grain producers from losses due to failed grain dealers.

The Mississippi Grain Indemnity Act establishes a trust fund to protect grain producers from losses due to failed grain dealers. Producers can opt out of paying assessments but remain ineligible to claim losses until they re-enter the program. The fund is financed by a 0.2% assessment on marketed grain sales starting January 1, 2027. The Mississippi Grain Indemnity Board administers the fund and claims process. The commissioner determines when a grain dealer has failed and must notify producers. Claims for contract and storage losses can be filed with the board.