Grain indemnity account usage modification

A bill for an act

relating to agriculture; modifying the use of the grain indemnity account; amending

Minnesota Statutes 2024, section 223.24, subdivision 2.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2024, section 223.24, subdivision 2, is amended to read:

Subd. 2.

Account; appropriation.

(a) Money in the grain indemnity account, including

interest, is appropriated to the commissioner to pay valid claims and to administer this

section.

(b) The commissioner shall direct payments from the grain indemnity account only for

the following purposes:

(1) the payment of valid claims;

(2) the payment of grain indemnity premium refunds;

(3) the payment of administrative expenses under paragraph (c);

(4) the payment of legal fees and legal expenses under subdivision 7; or

(5) the payment of a trustee appointed under subdivision 6.

(c) The commissioner shall allocate money from the grain indemnity account to a separate

administrative expenses account to pay or reimburse the agency for grain indemnity account

expenses. Administrative expenses under this paragraph include the actual cost of processing

payments and refunds, enforcement, record keeping, ordinary management and investment

fees connected with the operation of the grain indemnity account, and legal expenses.

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(d) Money from the grain indemnity account must not be transferred unless the grain

indemnity account contains more than $15,000,000.

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