HB 1483

Bill Subjects

Abstract

Adds and amends definitions under the Indiana grain buyers and warehouse licensing law (licensing law). Requires contracts to purchase grain from producers to contain a notice that deferred priced grain must be priced within the crop year. Modifies the duties of the director (director) of the Indiana grain buyers and warehouse licensing agency (agency). Specifies that the grain indemnity fund consists of fines collected by the director. Increases the maximum amount of a bond required for a license. Requires that if the director finds a deficiency in minimum net worth before the licensee's next audit by the agency, the director shall issue a notice of deficiency to the licensee stating that the licensee has 30 days to correct the deficiency and if the licensee fails to correct a deficiency in minimum net worth within the 30 day period, the director may issue a fine. Provides that if a licensee fails to correct a deficiency in minimum net worth within 60 days of receiving a fine the director may issue a temporary suspension. Provides that a licensee may not enter into a deferred pricing agreement after July 1, 2022, that extends beyond the crop year for the delivered grain. Provides that if a deferred pricing agreement in connection with a grain purchase was entered into before July 1, 2021, the licensee shall complete the licensee's payment obligations to the seller under the agreement before January 1, 2024. Establishes criteria to determine the price date in the deferred pricing agreement. Provides that if a licensee fails to price grain, the director may impose a fine. Adds a definition of "conflict of interest". Provides that the attorney general may designate an attorney representative to serve on the board (board) of the Indiana grain indemnity corporation (corporation). Modifies duties of the board. Provides that a board member of the corporation with a conflict of interest in a proceeding before the board is recused from the proceedings. Provides that, if a board member is found to have violated the terms of a confidentiality agreement, the board member forfeits the member's appointment to the board and shall be removed as a member of the board. Requires that if a board member is suspected of violating a confidentiality agreement the matter must be referred to the office of the attorney general. Allows the corporation to: (1) study fund solvency, practices, and procedures; and (2) pay legal fees and legal expenses in actions brought against the corporation or the board of the corporation. Increases the amount from $250,000 to $350,000 that may be transferred to the administrative expense account (account). Adds a study of fund solvency, practices, and procedures, professional development and training programs, technology software updates and technology support services, and professional training for board members to listed administrative expenses allowed from the account.