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Senate Bill 476

Senate Bill (S)

DIGEST

Grain buyers and warehouse licensing. Makes numerous changes to the operations and procedures of the grain indemnity fund board (board) and the grain indemnity fund. Requires that a person applying for or renewing a license who does not conduct business at an Indiana address must appoint a registered agent in Indiana. Provides that violations of certain confidentiality agreements are Class B infractions. Provides that grain that has been delivered to a first purchaser for sale or storage under a bailment to a licensee within 15 months before the date of failure of the licensee may be considered in determining the Grain buyers and warehouse licensing. Makes numerous changes to the operations and procedures of the grain indemnity fund board (board) and the grain indemnity fund. Requires that a person applying for or renewing a license who does not conduct business at an Indiana address must appoint a registered agent in Indiana. Provides that violations of certain confidentiality agreements are Class B infractions. Provides that grain that has been delivered to a first purchaser for sale or storage under a bailment to a licensee within 15 months before the date of failure of the licensee may be considered in determining the total proven storage and financial obligations due to the depositor. (Current law provides that deliveries within the 12 months before the date of failure will be considered.) Specifies when a claim is considered to be adjudicated. Specifies certain requirements for an appeal. Specifies that a lien against a licensee terminates the earlier of: (1) when the licensee discharges the claim; or (2) 18 months after the delivery of grain to a first purchaser for sale or storage under a bailment. Requires the director to consider claims due depositors for the six month period before April 8, 2015, as a result of a licensee's failure before April 8, 2016. Requires the director to forward certain claim information to the board and requires the board to pay the claimants who are owed money according to the director. Makes a technical correction. ... View more