summary
Introduced
01/13/2025
01/13/2025
In Committee
01/13/2025
01/13/2025
Crossed Over
Passed
Dead
04/24/2025
04/24/2025
Introduced Session
2025 Regular Session
Bill Summary
Grain indemnity. Defines "revocation of a license". Creates a process in which the director of the Indiana grain buyers and warehouse licensing agency (agency) determines whether a building or other protected enclosure constitutes a single warehouse that requires one or more licenses. Specifies the documents a person who desires to conduct business as a grain buyer, warehouse operator, or buyer-warehouse (licensee) must submit to the agency to renew a license to operate. Specifies how a business as a licensee may renew its license. Specifies the types of licenses the agency shall issue and how a license may be relinquished. Establishes what information must be included in a financial statement submitted by a licensee to the agency. Removes the ability of the agency to temporarily suspend a licensee's license. Specifies various matters related to on-premises inspections. Permits the director of the agency (director) to call an informal meeting with a licensee. Provides how the director may begin an enforcement action and what information the director must send to the licensee. Provides when the director may revoke a licensee's license and what information the director must share with the licensee. Establishes various notice requirements. Permits the agency to adopt rules. Requires the director to inspect and test all equipment used to test the moisture content of grain purchased from producers once per year. Requires the Indiana grain indemnity corporation board to elect a chairperson and vice chairperson and take on various new responsibilities. Addresses various issues with producer premiums. Provides that a grain buyer shall keep accurate and correct records of grain purchased from producers documenting the producer premiums paid by producers. Establishes storage fees to determine storage loss.
AI Summary
This bill modifies Indiana's laws related to grain buyers, warehouses, and the grain indemnity program. The key provisions include:
This bill revises the regulatory framework for grain buyers and warehouses in Indiana, making several significant changes to licensing, financial requirements, and enforcement procedures. The bill replaces the term "failure" with "revocation of a license" throughout the statutes, creating more precise language about when a grain buyer or warehouse operator's license may be terminated. It introduces new requirements for financial statements, including allowing alternative documentation for smaller businesses or subsidiaries of parent companies. The bill establishes more detailed procedures for license applications, renewals, and relinquishment, including requiring comprehensive documentation and on-site inspections.
The legislation adds new financial standards for licensees, including:
- Maintaining a minimum current ratio of 1:1
- Maintaining a minimum positive tangible net worth based on the type and size of grain business
- Keeping a certain percentage of unencumbered assets relative to grain payables
The bill also enhances the powers and responsibilities of the Indiana Grain Buyers and Warehouse Licensing Agency and the Indiana Grain Indemnity Corporation Board. It introduces more detailed procedures for handling potential violations, including informal meetings, enforcement actions, and hearings. The board gains new responsibilities like hiring independent managers, investigating claims, and seeking legal advice.
Additionally, the bill creates a new chapter on grain moisture testing equipment inspections, requiring annual testing of equipment and establishing penalties for non-compliance. It modifies producer premium collection rules and claim compensation processes for the grain indemnity fund.
The changes aim to provide more robust consumer protection, improve financial oversight of grain businesses, and create more transparent and consistent regulatory processes in Indiana's grain industry.
Committee Categories
Agriculture and Natural Resources
Sponsors (3)
Last Action
Representative Culp added as coauthor (on 01/27/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://iga.in.gov/legislative/2025/bills/house/1419/details |
| Fiscal Note #2: Introduced | https://iga.in.gov/pdf-documents/124/2025/house/bills/HB1419/fiscal-notes/HB1419.01.INTR.FN002.pdf |
| BillText | https://iga.in.gov/pdf-documents/124/2025/house/bills/HB1419/HB1419.01.INTR.pdf |
| Fiscal Note #1: Introduced | https://iga.in.gov/pdf-documents/124/2025/house/bills/HB1419/fiscal-notes/HB1419.01.INTR.FN001.pdf |
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