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Senate Bill 1099 |
Senate Author: Estes et al. |
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Effective: 5-19-15 |
House Sponsor: Phillips |
Senate Bill 1099 amends the Agriculture Code to establish the grain producer indemnity fund as a trust fund outside the state treasury to be held and administered by the Texas Grain Producer Indemnity Board for the payment of claims against a grain buyer who has experienced a financial failure and to specify additional powers and duties for the board, among other requirements. The bill repeals a provision under which a grain producer who opts out of the board's indemnification protection may obtain an assessment refund on request and instead establishes that a grain producer who has paid an assessment may be eligible for a refund from excess money in the indemnity fund. The bill makes a violation of the board's governing provisions grounds for suspension or revocation of any license or permit issued by the commissioner of agriculture.