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Indiana Law Protects Producers from Elevator Closures

Act improves transparency and functionality of Indiana Grain Buyers and Warehouse Licensing Agency

PIXABAY
PIXABAY

One of Indiana Farm Bureau’s (INFB) legislative priorities for 2021 was to improve transparency and functionality of the Indiana Grain Buyers and Warehouse Licensing Agency (IGBWLA) – a priority that was accomplished by the passage of House Enrolled Act 1483 yesterday, reports 95.3MNC.

"This law creates a review process to ensure that Hoosier farmers are further protected during grain elevator closures," INFB President Randy Kron told 95.3MNC. “Due to the failure of Salamonie Mills and Agland Grain and the hundreds of farmers who were severely impacted, we knew we had to do something."

HEA 1483:

  • Requires a performance review of the IGBWLA audit procedures to ensure that they meet modern grain marketing practices
  • Allows the agency to accept third party audits to lighten their workload and spend more time on licensees that need their attention
  • Requires pricing of deferred price accounts based on the crop year to prevent those accounts from running beyond the 15-month indemnity coverage period
  • Provides additional enforcement for minimum net worth deficiencies
  • Raises the IGBWLA’s administrative expenses account to have access to more funding for its duties
  • Creates more information sharing between the agency and the Grain Indemnity Board relating to risks in the grain market
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