§ 26-4-4-8 — Amount of fund; basis for suspension and reinstatement of producer premium collection; collection time frame

Indiana § 26-4-4-8

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 4: GRAIN INDEMNITY PROGRAM
• Ch. 4: Indiana Grain Indemnity Fund

Text

(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 collection of additional producer premiums until the amount in the
fund drops below twenty million dollars ($20,000,000), as determined
under section 9 of this chapter. In a year when the board determines
that the fund is at or below twenty million dollars ($20,000,000), the
board shall reinstate the collection described in this chapter.
(c) The board shall reinstate the collection described in this chapter
if as of May 1:
(1) the fund contains at least twenty million dollars
($20,000,000);
(2) the board is aware of the revocation of a license of a licensee;
and
(3) the amount of compensation from the fund to cover producers'
claims, as determined by the board, is equal to or greater than the
amount of money in the fund.
(d) Collections must occur from September 1 through August 30
any year collections are made.

Legislative History

As added by P.L.250-1995, SEC.1. Amended by P.L.5-2009, SEC.3; P.L.60-2015, SEC.17; P.L.114-2025, SEC.69.