Bill > SF2315

This bill modifies existing Minnesota law regarding the state's grain indemnity account, which is a financial mechanism designed to protect agricultural producers. Under the proposed changes, when the grain indemnity account balance exceeds $15,000,000 on June 30 of any year and no claims have been paid in the previous 24 months, the commissioner must transfer the excess funds to the agricultural emergency account. The bill maintains the existing provisions that require grain indemnity premiums to be collected until the account reaches $15,000,000, and allows the commissioner to suspend premium collection if the account contains at least $8,000,000, potentially after holding a public meeting to consider economic hardship. The commissioner is still required to announce the intention to collect premiums by May 1, with collection beginning July 1, and must notify the public through the State Register and by directly notifying licensees of their premium collection obligations. This modification aims to ensure that excess funds in the grain indemnity account can be redirected to support agricultural emergency needs when the account is sufficiently funded and not actively being used for claims.

Agriculture and Natural Resources

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2315&ssn=0&y=2025