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SF2315 (Legislative Session 94 (2025-2026))

Excess money in the grain indemnity account requirement to be transferred to the agricultural emergency account

Related bill: HF1428

AI Generated Summary

This bill proposes an amendment to Minnesota Statutes 2024, Section 223.25, Subdivision 3, regarding the state's grain indemnity account. The key provisions include:

  • Premium Collection Limits:

    • Premiums for the grain indemnity account must be collected until the account balance exceeds $15 million as of June 30 of any given year.
    • Collection of premiums must stop when the account balance reaches $15 million and cannot resume unless the balance drops below $8 million.
    • If the balance falls at or below $8 million, the commissioner may reinstate premium collection.
    • The commissioner must announce reinstated premium collections by May 1, with collections beginning July 1, and must notify the public and relevant licensees.

  • Transfer of Excess Funds:

    • If the grain indemnity account balance exceeds $15 million on June 30 of any year and no claims have been paid in the past 24 months, the commissioner must transfer the excess funds to the agricultural emergency account.

This bill ensures that surplus funds from the grain indemnity account, when unused for indemnity claims, are redirected to support agricultural emergencies in Minnesota.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 09, 2025HouseFloorActionIntroduction and first reading
March 09, 2025SenateFloorActionIntroduction and first reading
March 09, 2025HouseFloorActionReferred toAgriculture, Veterans, Broadband, and Rural Development
March 09, 2025SenateFloorActionReferred toAgriculture, Veterans, Broadband, and Rural Development

Citations

 
[
  {
    "analysis": {
      "added": [
        "Provision for transfer of excess funds to agricultural emergency account when the balance exceeds $15,000,000."
      ],
      "removed": [
        ""
      ],
      "summary": "This bill amends the conditions under which grain indemnity premiums are collected under section 223.25, subdivision 3.",
      "modified": [
        "Clarifies conditions for suspension and reinstatement of premium collections."
      ]
    },
    "citation": "223.25",
    "subdivision": "subdivision 3"
  }
]

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