SB 2631

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.