SF 2367 (LSB 6018SV (1) 88)

SENATE FILE 2367

BY  COMMITTEE ON AGRICULTURE

(SUCCESSOR TO SSB 3151)

(COMPANION TO LSB 6018HV BY COMMITTEE ON AGRICULTURE)

A BILL FOR

An Act establishing a study relating to the grain depositors and sellers indemnity fund.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  DEPARTMENT STUDY —— GRAIN DEPOSITORS AND SELLERS INDEMNITY FUND.
   1.  The department of agriculture and land stewardship shall conduct a study regarding the long-term continuance of the grain depositors and sellers indemnity fund created in section 203D.3. The department may consider any matter that it determines to be relevant, including but not limited to the administration of the fund, participation in the fund, contributions made to the fund and the basis for these contributions, risks to the fund, indemnification of claims against the fund, claims on behalf of the fund, and the fund’s optimal balance and optimal waiver amount. The department shall evaluate possible methods to indemnify sellers of grain who execute deferred-payment contracts, including by payments from the fund or another fund.
   2.  The department may consult with the Iowa grain indemnity fund board and shall seek comments from persons who have an interest in the fund’s operation.
   3.  The department shall submit a report regarding the study, including findings and recommendations, to the governor and general assembly not later than December 15, 2020. The report may include proposed legislation determined by the department to be necessary or desirable.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   This bill requires the department of agriculture and land stewardship (DALS) to conduct a study regarding the long-term continuance of the grain depositors and sellers indemnity fund. The items of study may include the administration of the fund, participation in the fund, contributions made to the fund, risks to the fund, claims against and on behalf of the fund, and the optimal balance and optimal waiver amounts. DALS must evaluate possible methods to indemnify sellers of grain who execute deferred-payment contracts. DALS may consult with the Iowa grain indemnity fund board and must seek comments from persons who have an interest in the fund’s operation. DALS must submit a report to the governor and general assembly not later than December 15, 2020.