The Mississippi Grain Indemnity Act; establish.

From the Legislature

An Act To Create New Section 75-46-1, Mississippi Code Of 1972, To Establish The "mississippi Grain Indemnity Act"; To Create New Section 75-46-3, Mississippi Code Of 1972, To Define The Relevant Terms Of This Act; To Create New Section 75-46-5, Mississippi Code Of 1972, To Create The Mississippi Grain Indemnity Board; To Outline The Purpose, Composition And Duties Of The Board; To Create The Mississippi Grain Indemnity Trust Fund Within The State Treasury; To Create New Section 75-46-7, Mississippi Code Of 1972, To Provide That The Grain Indemnity Trust Fund Shall Be Administered By The Board; To Create New Section 75-46-9, Mississippi Code Of 1972, To Provide That Beginning January 1, 2027, Grain Producers Will Be Charged An Assessment Equal To .2% Of All Marketed Grain That Is Sold To A First Purchaser Licensee; To Create New Section 75-46-11, Mississippi Code Of 1972, To Provide How Grain Assessments Shall Be Collected; To Create New Section 75-46-13, Mississippi Code Of 1972, To Provide That The Grain Indemnity Trust Fund Shall Not Fall Below $20,000,000.00 At The End Of The Fiscal Year; To Create New Section 75-46-15, Mississippi Code Of 1972, To Require That First Purchaser Licensees Must Maintain A Ledger Of All Assessments Collected; To Create New Section 75-46-17, Mississippi Code Of 1972, To Provide That Participation In The Grain Indemnity Trust Fund Is Voluntary, And How To Notify The Department If A Producer Does Not Want To Participate In Any Given Year; To Create New Section 75-46-19, Mississippi Code Of 1972, To Provide That The Commissioner Shall Be Responsible For Determining When A First Purchaser Licensee Has Failed Or When A Failure Has Occurred; To Provide Procedure Regarding How Notice Shall Be Given; To Create New Section 75-46-21, Mississippi Code Of 1972, To Authorize The Board To Promulgate Rules And Regulations Necessary For The Operation Of The Board And Adjudication Of Claims; To Create New Section 75-46-23, Mississippi Code Of 1972, To Require That Claims Submitted To The Board Shall Be Review By A Designee Or Designees; To Create New Section 75-46-25, Mississippi Code Of 1972, To Provide How Claims For Storage Loss Shall Be Paid; To Create New Section 75-46-27, Mississippi Code Of 1972, To Provide That When The Total Amount Of Eligible Claims Exceeds The Funds Available, The Board Shall Make Payments On A Pro Rata Basis; To Create New Section 75-46-29, Mississippi Code Of 1972, To Provide That The Commissioner Shall Have The Authority To Revoke The License Of First Purchaser Licensees For Failure To Timely Collect And Submit Assessments; To Create New Section 75-46-31, Mississippi Code Of 1972, To Require The Commissioner To Establish A Toll-free Hotline For Receiving Information Concerning The Failure Of A First Purchaser Licensee To Make Timely Payments For The Purchase Of Grain And Other Suspicions Of Fraudulent Activity By A First Purchaser Licensee; To Create New Section 75-46-33, Mississippi Code Of 1972, To Provide That Board Records Are Subject To An Audit Performed By The State Auditor At Any Time; To Create New Section 75-46-35, Mississippi Code Of 1972, To Provide That Claimants Who Are Fully Compensated Under This Chapter, Shall Have Subrogated All Claimants Rights On A Bond Or Other Pledged Financial Assets; To Create New Section 75-46-37, Mississippi Code Of 1972, To Authorize The Board To Have The Authority To Adopt All Rules And Regulations Needed To Carry Out The Powers And Duties Of The Board; To Amend Sections 75-44-29, 75-44-31, 75-44-35, 75-45-304, 75-45-307 And 75-45-311, Mississippi Code Of 1972, To Conform; And For Related Purposes.