26-4-4-8. Amount of Fund; Basis for Suspension and Reinstatement of Producer Premium Collection
Sec. 8. (a) The producer premiums required under section 4 of this chapter must be collected until the fund contains more than twenty-five million dollars ($25,000,000), as of June 30 of any given year. (b) Except as provided in subsection (c), after the fund reaches twenty-five million dollars ($25,000,000), the board may not require the […]
26-4-4-9. Certification of Fund Balance; Discretion of Board to Suspend Collection
Sec. 9. (a) At the July meeting required under IC 26-4-3-5, the board shall certify the amount of money in the fund on June 30. (b) Except as provided in section 8(c) of this chapter, the board may not require the collection of a producer premium during a fiscal year when the board certifies under […]
26-4-4-10. Repealed
As added by P.L.250-1995, SEC.1. Repealed by P.L.268-2001, SEC.2.
26-4-4-1. Establishment of Fund; Fiscal Year
Sec. 1. (a) The Indiana grain indemnity fund is established for the purpose of providing money to pay producers for losses incurred due to the failure of a grain buyer or warehouse operator licensed under IC 26-3-7. The fund shall be administered by the board of the corporation. (b) The fund consists of money collected […]
26-4-4-2. Fund Administration Expenses
Sec. 2. (a) The administrative expense account is created within the fund. (b) The expenses of administering the fund and paying administrative expenses must be paid from money in the administrative expense account. (c) The board may transfer annually not more than three hundred fifty thousand dollars ($350,000) from the fund to the administrative expense […]
26-4-4-3. Premiums Held in Trust; Investment of Fund; Interest; Reversion
Sec. 3. (a) All producer premiums submitted to the board by a grain buyer under section 6(b) of this chapter shall be held by the corporation in trust in the fund for carrying out the purposes of this article. The treasurer of state shall invest the money in the fund not currently needed to meet […]
26-4-4-4. Producer Premiums
Sec. 4. (a) Except as provided in section 8 of this chapter, beginning on July 1, 2015, the producers of grain shall be charged a producer premium equal to two-tenths percent (0.2%) of the price on all marketed grain that is sold to a first purchaser licensee. (b) The producer premiums required under this section […]
26-4-4-5. Notice of Producer Premium Deductions
Sec. 5. The agency shall notify each grain buyer licensed under IC 26-3-7 that producer premiums described in section 4 of this chapter shall be deducted from the purchase price of the grain on and after the date specified in the notice. The notice must be sent by first class mail. As added by P.L.250-1995, […]
26-4-4-6. Submission of Producer Premiums to Finance Fund
Sec. 6. (a) When purchasing grain, a grain buyer, a grain buyer’s agent, or a grain buyer’s representative shall: (1) deduct the producer premium described in section 4 of this chapter from the producer’s payment; and (2) document the producer premium paid by the producer. (b) A grain buyer shall submit producer premiums collected under […]
26-4-4-7. Inspection of Books and Records; Verification; Confidentiality
Sec. 7. (a) The: (1) books and records of each grain buyer must clearly indicate the producer premiums collected by the grain buyer; and (2) portion of the books and records reflecting the premiums collected must be open for inspection by the corporation, board, board’s authorized agents, director, or the director’s designee during regular business […]