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SF 2315

Introduction - 94th Legislature (2025 - 2026)

Posted on 03/11/2025 09:27 a.m.

KEY: stricken = removed, old language.
underscored = added, new language.
Version List SF2315 Authors and Status
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A bill for an act
 relating to agriculture; requiring excess money in the grain indemnity account to
be transferred to the agricultural emergency account; amending Minnesota Statutes
2024, section 223.25, subdivision 3.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2024, section 223.25, subdivision 3, is amended to read:


Subd. 3.

Amount in grain indemnity account; basis for suspension and reinstatement
of grain indemnity premium collection.

(a) Except as provided in paragraph (b), the grain
indemnity premiums required under this section must be collected until the grain indemnity
account contains more than $15,000,000 as of June 30 of any given year.

(b) The commissioner must not require the collection of additional grain indemnity
premiums until the amount in the grain indemnity account drops below $8,000,000. In a
year when the commissioner determines that the grain indemnity account is at or below
$8,000,000, the commissioner may reinstate the collection described in this section. If the
account contains at least $8,000,000, the commissioner may, after holding a public meeting,
suspend premium payments for all producers in the event of economic hardship.

(c) The commissioner shall announce the intention to collect the premiums described
in this section by May 1 with collection to begin July 1 new text begin of any given year new text end until the grain
indemnity account contains at least $15,000,000. The commissioner must notify the public
of the commissioner's intent to reinstate collection of additional grain indemnity premiums
through publication in the State Register and by notifying each licensee of the licensee's
obligation to collect premiums.

new text begin (d) If the account balance exceeds $15,000,000 on June 30 of any given year and no
claims have been paid in the previous 24 months, the commissioner must transfer the amount
exceeding $15,000,000 to the agricultural emergency account.
 new text end