SB 364 — Grain indemnity program.

Summary

Provides that the director (director) of the Indiana grain buyers and warehouse licensing agency (agency) may share nonidentifying information with board members of the Indiana grain indemnity corporation (corporation) in executive session regarding the risk that a person licensed under the licensing law (licensee) may fail and the potential financial impact to the Indiana grain indemnity fund (fund) if the licensee does fail. Requires the director to conduct a third party performance review of the agency's auditing practices and procedures at least once every five years. Provides that the corporation may require an actuarial study from a third party of the fund as needed, but not less than every five years. Authorizes the director of the agency to take certain actions if the director finds: (1) a deficiency in minimum net worth or a failure to maintain the required current asset to current liability ratio; or (2) that a licensee failed to maintain required unencumbered assets. Increases the limit on the amount of bond, letter of credit, and cash deposits required under the licensing law. Amends the definition of "failed" or "failure" to exclude a suspension. Adds a definition of "suspension" to mean a temporary halt to the purchase of grain from a claimant. Prohibits a licensee, beginning after June 30, 2021, from entering into a deferred pricing agreement or a delayed payment agreement in connection with grain purchases that extends beyond one year from the date of delivery of the grain. Provides specified phase out periods for deferred pricing agreements or delayed payment agreements that were entered into by a licensee before July 1, 2021. Provides that a board member of the corporation with a conflict of interest in a proceeding before the board must recuse himself or herself from those proceedings. Provides that, if a board member is found to have violated the terms of a confidentiality agreement, the board member forfeits his or her appointment to the board and shall be removed as a member of the board. Increases the amount that the board may transfer from the Indiana grain indemnity fund (fund) to the administrative expense account within the fund from $250,000 to $350,000 annually. Authorizes the board to transfer the monthly interest generated from the fund over a six month period during a biennium to a professional development, training, and technology account to be used for specified purposes. Makes conforming changes.

Bill Text

Action History

1. March 04, 2021

   First reading: referred to Committee on Agriculture and Rural Development

2. February 19, 2021

   Referred to the House

3. February 18, 2021

   House sponsor: Representative Heine

4. February 18, 2021

   Third reading: passed; Roll Call 140: yeas 42, nays 7

5. February 16, 2021

   Second reading: amended, ordered engrossed

6. February 16, 2021

   Amendment #4 (Holdman) prevailed; voice vote

7. February 09, 2021

   Committee report: amend do pass, adopted

8. January 28, 2021

   Senator Zay added as second author

9. January 25, 2021

   Authored by Senator Holdman

10. January 25, 2021

    First reading: referred to Committee on Tax and Fiscal Policy

11. January 25, 2021

    Senator Doriot added as coauthor

Sponsors

• Travis Holdman · Primary
• Andy Zay · Primary
• Blake Doriot · Cosponsor
• Dave Heine · Primary

Votes

Subjects