Indiana 2025 Regular Session

Indiana House Bill HB1419 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2	Introduced Version
3	3	HOUSE BILL No. 1419
4	4	_____
5	5	DIGEST OF INTRODUCED BILL
6	6	Citations Affected: IC 15-11-8; IC 26-3; IC 26-4; IC 35-52.
7	7	Synopsis: Grain indemnity. Defines "revocation of a license". Creates
8	8	a process in which the director of the Indiana grain buyers and
9	9	warehouse licensing agency (agency) determines whether a building or
10	10	other protected enclosure constitutes a single warehouse that requires
11	11	one or more licenses. Specifies the documents a person who desires to
12	12	conduct business as a grain buyer, warehouse operator, or
13	13	buyer-warehouse (licensee) must submit to the agency to renew a
14	14	license to operate. Specifies how a business as a licensee may renew its
15	15	license. Specifies the types of licenses the agency shall issue and how
16	16	a license may be relinquished. Establishes what information must be
17	17	included in a financial statement submitted by a licensee to the agency.
18	18	Removes the ability of the agency to temporarily suspend a licensee's
19	19	license. Specifies various matters related to on-premises inspections.
20	20	Permits the director of the agency (director) to call an informal meeting
21	21	with a licensee. Provides how the director may begin an enforcement
22	22	action and what information the director must send to the licensee.
23	23	Provides when the director may revoke a licensee's license and what
24	24	information the director must share with the licensee. Establishes
25	25	various notice requirements. Permits the agency to adopt rules.
26	26	Requires the director to inspect and test all equipment used to test the
27	27	moisture content of grain purchased from producers once per year.
28	28	Requires the Indiana grain indemnity corporation board to elect a
29	29	chairperson and vice chairperson and take on various new
30	30	responsibilities. Addresses various issues with producer premiums.
31	31	Provides that a grain buyer shall keep accurate and correct records of
32	32	grain purchased from producers documenting the producer premiums
33	33	paid by producers. Establishes storage fees to determine storage loss.
34	34	Effective: Upon passage; July 1, 2025.
35	35	Baird, Prescott
36	36	January 13, 2025, read first time and referred to Committee on Agriculture and Rural
37	37	Development.
38	38	2025 IN 1419—LS 7600/DI 150 Introduced
39	39	First Regular Session of the 124th General Assembly (2025)
40	40	PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
41	41	Constitution) is being amended, the text of the existing provision will appear in this style type,
42	42	additions will appear in this style type, and deletions will appear in this style type.
43	43	Additions: Whenever a new statutory provision is being enacted (or a new constitutional
44	44	provision adopted), the text of the new provision will appear in this style type. Also, the
45	45	word NEW will appear in that style type in the introductory clause of each SECTION that adds
46	46	a new provision to the Indiana Code or the Indiana Constitution.
47	47	Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts
48	48	between statutes enacted by the 2024 Regular Session of the General Assembly.
49	49	HOUSE BILL No. 1419
50	50	A BILL FOR AN ACT to amend the Indiana Code concerning
51	51	commercial law.
52	52	Be it enacted by the General Assembly of the State of Indiana:
53	53	1 SECTION 1. IC 15-11-8 IS REPEALED [EFFECTIVE JULY 1,
54	54	2 2025]. (Inspection of Grain Moisture Testing Equipment).
55	55	3 SECTION 2. IC 26-3-7-2, AS AMENDED BY P.L.208-2021,
56	56	4 SECTION 1, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
57	57	5 JULY 1, 2025]: Sec. 2. The following definitions apply throughout this
58	58	6 chapter:
59	59	7 (1) "Agency" refers to the Indiana grain buyers and warehouse
60	60	8 licensing agency established under section 1 of this chapter.
61	61	9 (2) "Anniversary date" means the date that is ninety (90) calendar
62	62	10 days after the fiscal year end of a business licensed under this
63	63	11 chapter.
64	64	12 (3) "Bin" means a bin, tank, interstice, or other container in a
65	65	13 warehouse in which bulk grain may be stored.
66	66	14 (4) "Board" means the governing body of the Indiana grain
67	67	15 indemnity corporation created by IC 26-4-3-2.
68	68	16 (5) "Buyer-warehouse" means a person that operates both as a
69	69	17 warehouse licensed under this chapter and as a grain buyer.
70	70	2025 IN 1419—LS 7600/DI 150 2
71	71	1 (6) "Claimant" means a person to whom a licensee owes a storage
72	72	2 or financial obligation under this chapter for grain that has been
73	73	3 delivered to the licensee for sale or for storage under a bailment.
74	74	4 (7) "Crop year" means the period from one (1) year's harvest to
75	75	5 the next year for a specified field crop as follows:
76	76	6 (A) Barley and barley seed from June 1 to May 31.
77	77	7 (B) Canola and canola seed from July 1 to June 30.
78	78	8 (C) Corn and corn seed from September 1 to August 31.
79	79	9 (D) Lentils and lentil seed from July 1 to June 30.
80	80	10 (E) Oats and oat seed from June 1 to May 31.
81	81	11 (F) Popcorn and popcorn seed from September 1 to August 31.
82	82	12 (G) Rye and rye seed from June 1 to May 31.
83	83	13 (H) Sorghum and sorghum seed from September 1 to August
84	84	14 31.
85	85	15 (I) Soybeans and soybean seed from September 1 to August
86	86	16 31.
87	87	17 (J) Sunflower and sunflower seed from September 1 to August
88	88	18 31.
89	89	19 (K) Wheat and wheat seed from June 1 to May 31.
90	90	20 (L) All other field crops and other field crop seed from
91	91	21 September 1 to August 31.
92	92	22 (8) "Daily position record" means a written or electronic
93	93	23 document that is maintained on a daily basis for each grain
94	94	24 commodity, contains a record of the total amount of grain in
95	95	25 inventory for that business day, and complies with any
96	96	26 requirements established by the director.
97	97	27 (9) "Deferred pricing" or "price later" means a purchase by a
98	98	28 buyer in which title to the grain passes to the buyer and the price
99	99	29 to be paid to the seller is not determined:
100	100	30 (A) at the time the grain is received by the buyer; or
101	101	31 (B) less than twenty-one (21) days after delivery.
102	102	32 (10) "Delayed payment" means:
103	103	33 (A) a purchase by a buyer in which title to the grain passes to
104	104	34 the buyer at a determined price; and
105	105	35 (B) payment to the seller is not made in less than twenty-one
106	106	36 (21) days after delivery.
107	107	37 (11) "Depositor" means any of the following:
108	108	38 (A) A person that delivers grain to a licensee under this
109	109	39 chapter for storage or sale.
110	110	40 (B) A person that:
111	111	41 (i) owns or is the legal holder of a ticket or receipt issued by
112	112	42 a licensee for grain received by the licensee; and
113	113	2025 IN 1419—LS 7600/DI 150 3
114	114	1 (ii) is the creditor of the issuing licensee for the value of the
115	115	2 grain received in return for the ticket or receipt.
116	116	3 (C) A licensee that stores grain that the licensee owns solely,
117	117	4 jointly, or in common with others in a warehouse owned or
118	118	5 controlled by the licensee or another licensee.
119	119	6 (12) "Designated representative" means the person or persons
120	120	7 designated by the director to act instead of the director in assisting
121	121	8 in the administration of this chapter.
122	122	9 (13) "Director" means the director of the Indiana grain buyers and
123	123	10 warehouse licensing agency appointed under section 1 of this
124	124	11 chapter.
125	125	12 (14) "Facility" means a permanent business location or one (1) of
126	126	13 several permanent business locations in Indiana that are operated
127	127	14 as a warehouse or by a grain buyer.
128	128	15 (15) "Failed" or "failure" means any of the following:
129	129	16 (A) The inability of a licensee to financially satisfy fully all
130	130	17 obligations due to claimants.
131	131	18 (B) Public declaration of a licensee's insolvency.
132	132	19 (C) Revocation of a licensee's license, if the licensee has
133	133	20 outstanding indebtedness owed to claimants.
134	134	21 (D) Nonpayment of a licensee's debts in the ordinary course of
135	135	22 business, if there is not a good faith dispute.
136	136	23 (E) Voluntary surrender of a licensee's license, if the licensee
137	137	24 has outstanding indebtedness to claimants.
138	138	25 (F) Involuntary or voluntary bankruptcy of a licensee.
139	139	26 (15) "Flat price contract" means a contract that sets a fixed
140	140	27 price for a specific delivery requirement, where the price is
141	141	28 determined by adding the basis to the futures price of the
142	142	29 same commodity, which is set before the futures contract
143	143	30 expires.
144	144	31 (16) "Fund" means the Indiana grain indemnity fund established
145	145	32 under IC 26-4-4-1.
146	146	33 (17) "Grain" means corn for all uses, popcorn, wheat, oats, barley,
147	147	34 rye, sorghum, soybeans, oil seeds, other agricultural commodities
148	148	35 as approved by the agency, and seed as defined in this section.
149	149	36 The term does not include canning crops for processing or sweet
150	150	37 corn.
151	151	38 (18) "Grain assets" means any of the following:
152	152	39 (A) All grain and grain coproducts owned or stored by a
153	153	40 licensee, including the following:
154	154	41 (i) Grain that is in transit following shipment by a licensee.
155	155	42 (ii) Grain that has not been paid for.
156	156	2025 IN 1419—LS 7600/DI 150 4
157	157	1 (iii) Grain that is stored in unlicensed facilities that are
158	158	2 leased, owned, or occupied by the licensee.
159	159	3 (B) All proceeds, due or to become due, from the sale of a
160	160	4 licensee's grain.
161	161	5 (C) Equity, less any secured financing directly associated with
162	162	6 the equity, in hedging or speculative margin accounts of a
163	163	7 licensee held by a commodity or security exchange, or a dealer
164	164	8 representing a commodity or security exchange, and any
165	165	9 money due the licensee from transactions on the exchange,
166	166	10 less any secured financing directly associated with the money
167	167	11 due the licensee from the transactions on the exchange.
168	168	12 (D) Any other unencumbered funds, property, or equity in
169	169	13 funds or property, wherever located, that can be directly traced
170	170	14 to the sale of grain by a licensee. However, funds, property, or
171	171	15 equity in funds or property may not be considered encumbered
172	172	16 unless:
173	173	17 (i) the encumbrance results from valuable consideration paid
174	174	18 to the licensee in good faith by a secured party; and
175	175	19 (ii) the encumbrance did not result from the licensee posting
176	176	20 the funds, property, or equity in funds or property as
177	177	21 additional collateral for an antecedent debt.
178	178	22 (E) Any other unencumbered funds, property, or equity in
179	179	23 assets of the licensee.
180	180	24 (19) "Grain bank grain" means grain owned by a depositor for use
181	181	25 in the formulation of feed and stored by the warehouse to be
182	182	26 returned to the depositor on demand.
183	183	27 (20) "Grain buyer" means a person who is engaged in the business
184	184	28 of buying grain from producers.
185	185	29 (21) "Grain coproducts" means any milled or processed grain,
186	186	30 including the grain byproduct of ethanol production.
187	187	31 (22) "Grain standards act" means the United States Grain
188	188	32 Standards Act, approved August 11, 1916 (39 Stat. 482; 7 U.S.C.
189	189	33 71-87 as amended).
190	190	34 (23) "License" means a license issued under this chapter.
191	191	35 (24) "Licensee" means a person who operates a facility that is
192	192	36 licensed under this chapter.
193	193	37 (25) "Official grain standards of the United States" means the
194	194	38 standards of quality or condition for grain, fixed and established
195	195	39 by the secretary of agriculture under the grain standards act.
196	196	40 (26) "Parent entity" means an entity that owns at least twenty
197	197	41 percent (20%) or the equivalent of another entity, including
198	198	42 through shares, membership interests, or other securities, or
199	199	2025 IN 1419—LS 7600/DI 150 5
200	200	1 as a partner in a general partnership or joint venture.
201	201	2 (26) (27) "Person" means an individual, partnership, corporation,
202	202	3 association, or other form of business enterprise.
203	203	4 (27) (28) "Receipt" means a warehouse receipt issued by a
204	204	5 warehouse licensed under this chapter.
205	205	6 (29) "Revocation of a license" means any of the following:
206	206	7 (A) The inability of a licensee to financially satisfy fully all
207	207	8 obligations due to claimants.
208	208	9 (B) Public declaration of a licensee's insolvency.
209	209	10 (C) Revocation of a licensee's license, if the licensee has
210	210	11 outstanding indebtedness owed to claimants.
211	211	12 (D) Nonpayment of a licensee's debts in the ordinary
212	212	13 course of business, if there is not a good faith dispute.
213	213	14 (E) Involuntary or voluntary bankruptcy of a licensee.
214	214	15 (28) (30) "Seed", notwithstanding IC 15-15-1, means grain set
215	215	16 apart to be used primarily for the purpose of producing new
216	216	17 plants.
217	217	18 (29) (31) "Seed inventory" means seed for commercial sale.
218	218	19 (32) "Storage" means a facility or system that is designed,
219	219	20 structured, and equipped to receive, clean, dry, store, and
220	220	21 dispense grains or seeds. The term includes a facility where
221	221	22 the producer has maintained:
222	222	23 (A) title to the grain until selling or moving the grain to a
223	223	24 facility other than the facility where the grain was
224	224	25 delivered; and
225	225	26 (B) a record or proof of storage at the facility where the
226	226	27 grain was delivered.
227	227	28 (33) "Storage loss" means a loss to a storage depositor
228	228	29 resulting from a warehouse operator:
229	229	30 (A) whose license has been revoked; and
230	230	31 (B) who has not fully satisfied the warehouse operator's
231	231	32 storage obligation to the depositor, after any outstanding
232	232	33 charges against the grain.
233	233	34 (34) "Subsidiary" means an entity, including a general
234	234	35 partnership or joint venture, that is owned in whole or part by
235	235	36 one (1) or more other entities, including at least one (1) entity
236	236	37 that constitutes a parent entity.
237	237	38 (30) "Suspension" means a temporary halt to the purchase of grain
238	238	39 under section 18(b) of this chapter.
239	239	40 (31) (35) "Ticket" means a scale weight ticket, a load slip, or
240	240	41 other evidence, other than a receipt, given to a depositor upon
241	241	42 initial delivery of grain to a facility.
242	242	2025 IN 1419—LS 7600/DI 150 6
243	243	1 (32) (36) "Warehouse act" means the United States Warehouse
244	244	2 Act, approved August 11, 1916 (39 Stat. 486; 7 U.S.C. 241-273
245	245	3 as amended).
246	246	4 (33) (37) "Warehouse" means any building or other protected
247	247	5 enclosure in one (1) general location licensed or required to be
248	248	6 licensed under this chapter, which building or other protected
249	249	7 enclosure is operated under one (1) ownership and run from
250	250	8 a single office, and in which grain is or may be:
251	251	9 (A) stored for hire;
252	252	10 (B) used for grain bank storage; or
253	253	11 (C) used to store company owned grain.
254	254	12 and the building or other protected enclosure is operated under
255	255	13 one (1) ownership and run from a single office.
256	256	14 (34) (38) "Warehouse operator" means a person that operates a
257	257	15 facility or group of facilities in which grain is or may be stored for
258	258	16 hire or which is used for grain bank storage and which is operated
259	259	17 under one (1) ownership and run from a single office.
260	260	18 SECTION 3. IC 26-3-7-3, AS AMENDED BY P.L.208-2021,
261	261	19 SECTION 2, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
262	262	20 JULY 1, 2025]: Sec. 3. (a) The director may do the following:
263	263	21 (1) Require any reports that are necessary to administer this
264	264	22 chapter.
265	265	23 (2) Administer oaths, issue subpoenas, compel the attendance and
266	266	24 testimony of witnesses, and compel the production of records in
267	267	25 connection with any investigation or hearing under this chapter.
268	268	26 (3) Prescribe all forms within the provisions of this chapter.
269	269	27 (4) Establish grain standards in accordance with the grain
270	270	28 standards act and federal regulations promulgated under that act
271	271	29 that must be used by warehouses.
272	272	30 (5) Investigate the activities required by this chapter including the
273	273	31 storage, shipping, marketing, and handling of grain and
274	274	32 complaints with respect to the storage, shipping, marketing, and
275	275	33 handling of grain.
276	276	34 (6) Inspect a facility, the grain stored in a facility, and all property
277	277	35 and records pertaining to a facility. All inspections of an applicant
278	278	36 or licensee under this chapter must take into consideration the
279	279	37 proprietary nature of an applicant's or licensee's commercial
280	280	38 information. The director may adopt rules under IC 4-22-2
281	281	39 regarding inspections permitted under this chapter, and the rules
282	282	40 must take into consideration the proprietary nature of an
283	283	41 applicant's or a licensee's commercial information. This chapter
284	284	42 does not authorize the inspection of an applicant's or licensee's
285	285	2025 IN 1419—LS 7600/DI 150 7
286	286	1 trade secret or intellectual property information.
287	287	2 (7) Determine whether a facility for which a license has been
288	288	3 applied for or has been issued is suitable for the proper storage,
289	289	4 shipping, and handling of the grain that is stored, shipped, or
290	290	5 handled, or is expected to be stored, shipped, or handled.
291	291	6 (8) Require a licensee to terminate storage, shipping, marketing,
292	292	7 and handling agreements upon revocation of the person's a
293	293	8 license.
294	294	9 (9) Attend and preside over any investigation or hearing allowed
295	295	10 or required under this chapter.
296	296	11 (10) Impose sanctions for violations of this article.
297	297	12 (11) Require a grain buyer and all persons purchasing grain to
298	298	13 show evidence of training or licensing on the risks associated with
299	299	14 grain marketing practices only if a grain buyer engages in a risk
300	300	15 factor higher than a standard defined by the director. This training
301	301	16 or licensing may include requiring the grain buyer or person
302	302	17 purchasing grain to do any of the following:
303	303	18 (A) Provide the agency with proof of registry with the
304	304	19 commodity futures trading commission (CFTC) as a
305	305	20 commodity trading adviser, a futures commission merchant, an
306	306	21 introducing broker, or an associated person.
307	307	22 (B) Demonstrate passage of the series 3 examination
308	308	23 administered by the National Futures Association.
309	309	24 (C) Annually attend six (6) hours of continuing education,
310	310	25 approved by the director, focusing on the risks to a grain buyer
311	311	26 and seller that are associated with grain marketing practices
312	312	27 and the communication of risks to the producer. Additionally,
313	313	28 as part of continuing education, require a grain buyer, and all
314	314	29 persons purchasing grain for a grain buyer, to pass a test,
315	315	30 approved and administered by the director, that reasonably
316	316	31 measures the grain buyer's understanding of the risks to grain
317	317	32 buyers and sellers associated with producer marketing
318	318	33 strategies.
319	319	34 (12) (11) Require all contracts executed after August 31, 2017,
320	320	35 for the purchase of grain from producers, except a flat price
321	321	36 contract or a contract for the production of seed, to include the
322	322	37 following notice immediately above the place on the contract
323	323	38 where the seller of the grain must sign:
324	324	39 "NOTICE - SELLER IS CAUTIONED THAT
325	325	40 CONTRACTING FOR THE SALE AND DELIVERY OF
326	326	41 GRAIN INVOLVES RISKS. THESE RISKS MAY INCLUDE
327	327	42 FUTURE PAYMENTS BY YOU TO MAINTAIN THIS
328	328	2025 IN 1419—LS 7600/DI 150 8
329	329	1 CONTRACT, A LOWER SALES PRICE, AND OTHER
330	330	2 RISKS NOT SPECIFIED.
331	331	3 INDIANA STATE LAW REQUIRES THAT AFTER JULY 1,
332	332	4 2022, ALL DEFERRED PRICED GRAIN MUST BE PRICED
333	333	5 WITHIN THE CROP YEAR AS DEFINED BY
334	334	6 IC 26-3-7-2(7). THIS CONTRACT MUST BE PRICED BY
335	335	7 _(Insert Date)_.
336	336	8 COVERAGE UNDER THE INDIANA GRAIN INDEMNITY
337	337	9 PROGRAM IS FOR GRAIN THAT HAS BEEN DELIVERED
338	338	10 TO A FIRST PURCHASER LICENSEE WITHIN THE 15
339	339	11 MONTHS BEFORE THE DATE OF FAILURE THE
340	340	12 REVOCATION OF A LICENSE AND IS LIMITED TO
341	341	13 100% OF A LOSS FOR STORED GRAIN AND 80% OF A
342	342	14 LOSS FOR OTHER COVERED CONTRACTS.
343	343	15 BE SURE YOU UNDERSTAND THE NATURE OF THIS
344	344	16 CONTRACT AND THE ASSOCIATED RISKS.".
345	345	17 (13) (12) Require all contracts executed after January 1, 2000, for
346	346	18 the production of seed to include the following notice, in
347	347	19 conspicuous letters, immediately above the place on the contract
348	348	20 or an addendum where the seller of the seed must sign:
349	349	21 "NOTICE - IF THE TERMS OF THIS CONTRACT STATE
350	350	22 THAT THE CONTRACTOR RETAINS OWNERSHIP OF
351	351	23 THE SEED AND ITS PRODUCTS, YOU MAY NOT BE
352	352	24 ELIGIBLE FOR PARTICIPATION IN THE INDIANA
353	353	25 GRAIN INDEMNITY PROGRAM. TO BE ELIGIBLE TO
354	354	26 PARTICIPATE IN THE INDIANA GRAIN INDEMNITY
355	355	27 PROGRAM, FARMERS MUST OWN AND SELL GRAIN
356	356	28 OR SEED. BE SURE YOU UNDERSTAND THE NATURE
357	357	29 OF THIS CONTRACT AND THE ASSOCIATED RISKS.".
358	358	30 (14) (13) At any time, order an unannounced audit for compliance
359	359	31 with this article.
360	360	32 (15) Adopt rules under IC 4-22-2 to carry out the purposes and
361	361	33 intent of this chapter.
362	362	34 (16) (14) Require all grain buyers offering deferred pricing,
363	363	35 delayed payments, or contracts linked to the commodity futures
364	364	36 or commodity options market in connection with a grain purchase
365	365	37 to document the agreement in writing not more than twenty-one
366	366	38 (21) days after delivery.
367	367	39 (17) (15) Receive and consider financial audits of a licensee
368	368	40 conducted by an independent audit or accounting firm.
369	369	41 (18) (16) Share information with board members regarding the
370	370	42 financial status of a licensee, while the board is in executive
371	371	2025 IN 1419—LS 7600/DI 150 9
372	372	1 session and without disclosing the name or any other identifying
373	373	2 information of the licensee, including the following:
374	374	3 (A) Whether there is a risk that a licensee may fail. be
375	375	4 revoked.
376	376	5 (B) The financial impact to the fund if a licensee identified in
377	377	6 clause (A) were to fail. have the licensee's license revoked.
378	378	7 (C) The estimated number of potential claimants that could
379	379	8 result from the failure revocation of a licensee identified in
380	380	9 clause (A).
381	381	10 (D) Any other information the director determines is necessary
382	382	11 to solicit the advice of the board regarding the financial status
383	383	12 of a licensee.
384	384	13 However, the director may not share information under this
385	385	14 subdivision with a board member who has not executed a
386	386	15 confidentiality agreement.
387	387	16 (19) Adopt rules under IC 4-22-2 regarding fines for violations of
388	388	17 this chapter.
389	389	18 (b) The director shall do the following:
390	390	19 (1) Establish standards to ensure that a grain buyer has a suitable
391	391	20 financial position to conduct a business as a grain buyer.
392	392	21 (2) Require a person who conducts business as a grain buyer to
393	393	22 first be licensed by the agency.
394	394	23 (3) Require any person engaged in the business of advising
395	395	24 producers on grain marketing for hire to:
396	396	25 (A) register with the agency; and
397	397	26 (B) provide the agency with proof of registry with the
398	398	27 commodity futures trading commission (CFTC) as a
399	399	28 commodity trading advisor, a futures commission merchant, an
400	400	29 introducing broker, or an associated person.
401	401	30 (c) The director may designate an employee to act for the director
402	402	31 in the administration of this chapter. An employee designee may not:
403	403	32 (1) act in matters that require a public hearing or the temporary
404	404	33 suspension of a license;
405	405	34 (2) (1) adopt rules; or
406	406	35 (3) (2) act as the ultimate authority in the administration of this
407	407	36 chapter.
408	408	37 (d) The director may designate an administrative law judge to act for
409	409	38 the director in the administration of this chapter.
410	410	39 (e) The director may determine whether geographically separate
411	411	40 facilities constitute a single warehouse or grain buyer and in making
412	412	41 the determination may consider the following:
413	413	42 (1) The number of facilities involved.
414	414	2025 IN 1419—LS 7600/DI 150 10
415	415	1 (2) Whether full weighing equipment is present at the
416	416	2 geographically separate facilities.
417	417	3 (3) The method of bookkeeping employed by the separate
418	418	4 facilities.
419	419	5 (4) The hours of operation of the separate facilities.
420	420	6 (5) The personnel employed at the separate facilities.
421	421	7 (6) Other factors the director deems relevant.
422	422	8 (f) For purposes of determining whether a building or other
423	423	9 protected enclosure constitutes a single warehouse that requires a
424	424	10 single license under this chapter, the director may consider the
425	425	11 following:
426	426	12 (1) The presence of a full weighing facility at geographically
427	427	13 diverse warehouse facilities.
428	428	14 (2) The traditional method of record keeping with respect to
429	429	15 the separate facilities.
430	430	16 (3) The hours, number of personnel, and activities of the
431	431	17 separate facilities.
432	432	18 (4) Any other factor considered relevant.
433	433	19 In the absence of contradictory information, any warehouses
434	434	20 owned and operated by the same person that are located within
435	435	21 close proximity of each other are presumed to constitute a single
436	436	22 warehouse.
437	437	23 (f) (g) The director and the director's designees designated
438	438	24 representative shall become members of the national grain regulatory
439	439	25 organization and shall:
440	440	26 (1) work in partnership with other state grain regulatory officials;
441	441	27 (2) participate in national grain regulatory meetings; and
442	442	28 (3) provide expertise and education at national meetings.
443	443	29 (g) (h) The director shall engage an independent third party firm to
444	444	30 conduct a performance review of the agency's auditing practices and
445	445	31 procedures at least once every five (5) years. The agency shall make
446	446	32 reasonable efforts to implement any corrective measures identified in
447	447	33 the performance review to enhance and improve the agency's auditing
448	448	34 practices and procedures. The agency shall make the findings of the
449	449	35 performance review available to the board.
450	450	36 (h) (i) The director may subpoena or require that certain records
451	451	37 located outside Indiana, if any, be brought to a specified location in
452	452	38 Indiana for review by the agency.
453	453	39 SECTION 4. IC 26-3-7-3.5 IS ADDED TO THE INDIANA CODE
454	454	40 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
455	455	41 1, 2025]: Sec. 3.5. When computing any period of time under this
456	456	42 chapter, including the time of service of a notice, the computation
457	457	2025 IN 1419—LS 7600/DI 150 11
458	458	1 must comply with IC 4-21.5-3-2.
459	459	2 SECTION 5. IC 26-3-7-4, AS AMENDED BY P.L.60-2015,
460	460	3 SECTION 6, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
461	461	4 JULY 1, 2025]: Sec. 4. (a) A person may not operate a warehouse or
462	462	5 conduct business as a grain buyer or buyer-warehouse without first
463	463	6 having obtained the appropriate license from the agency. nor may a
464	464	7 person or entity associated with the person continue to operate a
465	465	8 warehouse or conduct business as a grain buyer or buyer-warehouse
466	466	9 after the person's license has been revoked or suspended, except as
467	467	10 provided in section 18 of this chapter.
468	468	11 (b) All facilities in Indiana that an applicant for a license uses to
469	469	12 store or handle grain must qualify for and obtain a license and be
470	470	13 licensed under this chapter before the applicant may operate a
471	471	14 warehouse or conduct business as a grain buyer in Indiana. An
472	472	15 applicant may not be licensed unless all of the applicant's facilities
473	473	16 qualify for a license under this chapter. An applicant for a license must
474	474	17 apply to the agency for a license that covers all facilities operated by
475	475	18 the applicant for the storage or handling of grain in Indiana.
476	476	19 (b) A person may not be licensed to operate a particular facility
477	477	20 unless all facilities operated by the person in Indiana also qualify
478	478	21 to be and are licensed under this chapter. A person that operates
479	479	22 multiple facilities for the storage or handling of grain in Indiana
480	480	23 must obtain a license that covers all facilities operated by the
481	481	24 person.
482	482	25 (c) A person may not represent that the person is licensed under
483	483	26 this chapter, and may not use a name or description that conveys
484	484	27 an impression that the person is licensed under this chapter, unless
485	485	28 the person holds a valid license issued under this chapter that has
486	486	29 not been terminated.
487	487	30 (c) (d) If a licensee acquires an additional grain storage or handling
488	488	31 facility in Indiana, the licensee shall promptly submit to the agency an
489	489	32 amended application for licensure. A licensee shall promptly notify the
490	490	33 agency of a material change to the licensee's operations, such as
491	491	34 expansion of the amount of storage being used in the licensee's existing
492	492	35 facilities or change of ownership of a facility, and shall provide the
493	493	36 director with additional information the director may require. A
494	494	37 licensee shall obtain the approval of the director before making use of
495	495	38 increased storage or handling capacity.
496	496	39 (d) (e) A licensee that acquires an additional grain storage or
497	497	40 handling facility that is required to be licensed shall may not use the
498	498	41 facility for the storage or handling of grain until it qualifies for and is
499	499	42 issued a license and is licensed as provided in this chapter. If a licensed
500	500	2025 IN 1419—LS 7600/DI 150 12
501	501	1 grain storage or handling facility that a licensee operates in Indiana
502	502	2 becomes ineligible for a license at any time for any reason, it shall the
503	503	3 facility may not be used for the storage or handling of grain until the
504	504	4 condition making it ineligible is removed.
505	505	5 (e) A licensee shall maintain at least eighty percent (80%) of the
506	506	6 unpaid balance of grain payables in unencumbered assets represented
507	507	7 by the aggregate of the following:
508	508	8 (1) Company owned grain.
509	509	9 (2) Cash on hand.
510	510	10 (3) Cash held on account in federally or state licensed financial
511	511	11 institutions or lending institutions of the Federal Farm Credit
512	512	12 Administration.
513	513	13 (4) Investments held in time accounts with federally or state
514	514	14 licensed financial institutions.
515	515	15 (5) Direct obligations of the United States government.
516	516	16 (6) Balances in grain margin accounts determined by marking to
517	517	17 market.
518	518	18 (7) Balances due or to become due to the licensee on deferred
519	519	19 pricing contracts.
520	520	20 (8) Marketable securities, including mutual funds.
521	521	21 (9) Irrevocable letters of credit that are:
522	522	22 (A) in favor of the agency;
523	523	23 (B) acceptable to the agency; and
524	524	24 (C) in addition to any letter of credit deposited with the
525	525	25 director to satisfy the bonding requirement of this chapter.
526	526	26 (10) Deferred pricing contract service charges due or to become
527	527	27 due to the licensee.
528	528	28 (11) Other evidence of proceeds from or of grain that is
529	529	29 acceptable to the agency.
530	530	30 (12) Seed inventory.
531	531	31 (13) Other assets approved by the director.
532	532	32 (f) A licensee must have the minimum positive net worth specified
533	533	33 in section 16 of this chapter to hold any license or do business.
534	534	34 SECTION 6. IC 26-3-7-4.1, AS AMENDED BY P.L.145-2017,
535	535	35 SECTION 3, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
536	536	36 JULY 1, 2025]: Sec. 4.1. (a) The agency shall mail by first class mail
537	537	37 or send electronically a renewal application, which must include a
538	538	38 listing of all the licensee's facilities, to each licensee before the end of
539	539	39 the licensee's fiscal year. The renewal application form must be
540	540	40 completed and returned to the agency not later than ninety (90) days
541	541	41 after the end of the licensee's fiscal year. The licensee must forward,
542	542	42 with the renewal application, the following:
543	543	2025 IN 1419—LS 7600/DI 150 13
544	544	1 (1) Current reviewed review level or audit level financial
545	545	2 statement that:
546	546	3 (A) is prepared by an independent accountant certified
547	547	4 under IC 25-2.1; and
548	548	5 (B) complies with generally accepted accounting principles.
549	549	6 (2) Updated financial profile form supplied by the agency.
550	550	7 (3) Appropriate license fee.
551	551	8 (b) A renewal application must contain the information as required
552	552	9 under rules adopted by the agency. The licensee shall receive an annual
553	553	10 renewal license application form appropriate to the license issued to the
554	554	11 licensee. The annual renewal license application forms are for a:
555	555	12 (1) grain bank;
556	556	13 (2) warehouse;
557	557	14 (3) grain buyer; or
558	558	15 (4) buyer-warehouse.
559	559	16 SECTION 7. IC 26-3-7-4.2, AS ADDED BY P.L.145-2017,
560	560	17 SECTION 4, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
561	561	18 JULY 1, 2025]: Sec. 4.2. (a) If an applicant for a license or a renewal
562	562	19 of a license issued under this chapter does not regularly conduct
563	563	20 business at an a street address at which the applicant usually can be
564	564	21 contacted in Indiana, the applicant shall include with the applicant's
565	565	22 application a written appointment of a registered agent for service of
566	566	23 process, notice, or demand.
567	567	24 (b) The appointment in subsection (a) must be accompanied by a
568	568	25 written acceptance of the appointment by the registered agent. The
569	569	26 designation of a registered agent and requirements for a registered
570	570	27 agent must comply with the requirements under IC 23-0.5-4.
571	571	28 (c) The registered agent must be an individual who is a resident of
572	572	29 Indiana or a corporation whose principal place of business is located in
573	573	30 Indiana.
574	574	31 (d) The appointment must be made in the form and manner
575	575	32 prescribed by the director.
576	576	33 (e) If a registered agent resigns or relocates from Indiana or the
577	577	34 applicant revokes the registered agent's appointment, the applicant
578	578	35 shall:
579	579	36 (1) immediately notify the director in writing not later than thirty
580	580	37 (30) days before the resignation, relocation, or revocation; and
581	581	38 (2) file with the director a written appointment of another
582	582	39 registered agent, along with a written acceptance of the
583	583	40 appointment signed by the registered agent.
584	584	41 (f) If a registered agent dies or is incapacitated, the applicant shall:
585	585	42 (1) immediately notify the director in writing of the death or
586	586	2025 IN 1419—LS 7600/DI 150 14
587	587	1 incapacity;
588	588	2 (2) not later than thirty (30) days after the death or incapacity,
589	589	3 appoint another registered agent; and
590	590	4 (3) file with the director a written appointment of the other
591	591	5 registered agent, along with a written acceptance of the
592	592	6 appointment signed by the registered agent.
593	593	7 (g) Failure to comply with this section is grounds for denial,
594	594	8 suspension, or revocation of a license.
595	595	9 SECTION 8. IC 26-3-7-4.4 IS ADDED TO THE INDIANA CODE
596	596	10 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
597	597	11 1, 2025]: Sec. 4.4. The agency shall issue the following types of
598	598	12 licenses:
599	599	13 (1) A grain bank license may be issued to a person that:
600	600	14 (A) stores only grain bank grain;
601	601	15 (B) has a storage capacity of not more than fifty thousand
602	602	16 (50,000) bushels of grain; and
603	603	17 (C) purchases less than fifty thousand (50,000) bushels of
604	604	18 grain per year.
605	605	19 (2) A warehouse license may be issued to a person that:
606	606	20 (A) stores grain for hire; and
607	607	21 (B) purchases less than fifty thousand (50,000) bushels of
608	608	22 grain per year.
609	609	23 (3) A grain buyer license may be issued to a person that:
610	610	24 (A) purchases annually at least fifty thousand (50,000)
611	611	25 bushels of grain that are not for the sole purpose of feeding
612	612	26 the person's own livestock or poultry;
613	613	27 (B) chooses to obtain a grain buyer's license; or
614	614	28 (C) offers deferred pricing, delayed payments, or contracts
615	615	29 linked to the commodity futures or commodity options
616	616	30 market in connection with grain purchases.
617	617	31 (4) A buyer-warehouse license may be issued to a person that
618	618	32 operates both as a warehouse and as a grain buyer.
619	619	33 SECTION 9. IC 26-3-7-4.7 IS ADDED TO THE INDIANA CODE
620	620	34 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
621	621	35 1, 2025]: Sec. 4.7. (a) If a licensee desires to relinquish its license
622	622	36 issued under this chapter, the licensee shall submit a written
623	623	37 request to the director to relinquish the license. The relinquishment
624	624	38 request must include a certification from the licensee that the
625	625	39 licensee:
626	626	40 (1) has fully satisfied all payment obligations to all producers
627	627	41 for any grain purchased by the licensee including any
628	628	42 payment obligations under any contract, deferred pricing
629	629	2025 IN 1419—LS 7600/DI 150 15
630	630	1 agreement, deferred payment agreement, or other similar
631	631	2 legal instrument;
632	632	3 (2) has no outstanding storage obligations to any licensee or
633	633	4 person;
634	634	5 (3) is not party to any contract, deferred pricing agreement,
635	635	6 basis contract, hold-pay agreement, or other similar legal
636	636	7 instrument under which grain will be delivered to the
637	637	8 licensee; and
638	638	9 (4) either does not have receipts in its possession or, if the
639	639	10 licensee has receipts in its possession, the receipts are enclosed
640	640	11 or will be provided to the director or the director's designated
641	641	12 representative to facilitate the recovery of unused receipts
642	642	13 under section 30 of this chapter.
643	643	14 (b) The relinquishment request must include a list of all known
644	644	15 customers of the licensee in the preceding eighteen (18) months and
645	645	16 the last known telephone numbers and mailing addresses of each
646	646	17 person identified.
647	647	18 (c) The agency shall send a notice to each known customer of the
648	648	19 licensee from the list provided in subsection (b) for the preceding
649	649	20 eighteen (18) months.
650	650	21 (d) Before the director may grant the licensee's relinquishment
651	651	22 request the agency shall perform a closeout audit of the licensee.
652	652	23 SECTION 10. IC 26-3-7-6 IS REPEALED [EFFECTIVE JULY 1,
653	653	24 2025]. Sec. 6. (a) The agency shall issue the following licenses:
654	654	25 (1) A grain bank license may be issued to a person that:
655	655	26 (A) stores only grain bank grain;
656	656	27 (B) has a storage capacity of not more than fifty thousand
657	657	28 (50,000) bushels of grain; and
658	658	29 (C) purchases less than fifty thousand (50,000) bushels of
659	659	30 grain per year.
660	660	31 (2) A warehouse license may be issued to a person that:
661	661	32 (A) stores grain for hire; and
662	662	33 (B) purchases less than fifty thousand (50,000) bushels of
663	663	34 grain per year.
664	664	35 (3) A grain buyer license may be issued to a person that:
665	665	36 (A) purchases annually at least fifty thousand (50,000) bushels
666	666	37 of grain that are not for the sole purpose of feeding the
667	667	38 person's own livestock or poultry;
668	668	39 (B) chooses to obtain a grain buyer's license; or
669	669	40 (C) offers deferred pricing, delayed payments, or contracts
670	670	41 linked to the commodity futures or commodity options market
671	671	42 in connection with grain purchases.
672	672	2025 IN 1419—LS 7600/DI 150 16
673	673	1 (4) A buyer-warehouse license may be issued to a person that
674	674	2 operates both as a warehouse and as a grain buyer.
675	675	3 (b) An applicant shall file with the director a separate application
676	676	4 for each license or amendment of a license at the times, on the forms,
677	677	5 and containing the information that the director prescribes.
678	678	6 (c) An initial application for a license must be accompanied by a
679	679	7 license fee as follows:
680	680	8 (1) For a grain bank or for a warehouse or buyer-warehouse with
681	681	9 a storage capacity of less than two hundred fifty thousand
682	682	10 (250,000) bushels, one thousand dollars ($1,000) for the first
683	683	11 facility and two hundred fifty dollars ($250) for each additional
684	684	12 facility.
685	685	13 (2) For a warehouse or a buyer-warehouse with a storage capacity
686	686	14 of at least two hundred fifty thousand (250,000) bushels but less
687	687	15 than one million (1,000,000) bushels, one thousand five hundred
688	688	16 dollars ($1,500) for the first facility and two hundred fifty dollars
689	689	17 ($250) for each additional facility.
690	690	18 (3) For a warehouse or a buyer-warehouse with a storage capacity
691	691	19 of at least one million (1,000,000) bushels but less than ten
692	692	20 million (10,000,000) bushels, two thousand dollars ($2,000) for
693	693	21 the first facility and two hundred fifty dollars ($250) for each
694	694	22 additional facility.
695	695	23 (4) For a warehouse or buyer-warehouse with a storage capacity
696	696	24 greater than ten million (10,000,000) bushels, two thousand five
697	697	25 hundred dollars ($2,500) for the first facility and two hundred
698	698	26 fifty dollars ($250) for each additional facility.
699	699	27 (5) For a grain buyer, including a grain buyer that is also licensed
700	700	28 as a warehouse under the warehouse act, one thousand five
701	701	29 hundred dollars ($1,500) for the first facility and two hundred
702	702	30 fifty dollars ($250) for each additional facility.
703	703	31 The director may prorate the initial application fee for a license that is
704	704	32 issued at least thirty (30) days after the anniversary date of the
705	705	33 licensee's business.
706	706	34 (d) Before the anniversary date of the license, the licensee shall pay
707	707	35 an annual fee in an amount equal to the amount required under
708	708	36 subsection (c). The director may prorate the annual application fee for
709	709	37 a license that is modified at least thirty (30) days after the anniversary
710	710	38 date of the licensee's license.
711	711	39 (e) A licensee or an applicant for an initial license must have a
712	712	40 minimum current asset to current liability ratio of one to one (1:1) or
713	713	41 better.
714	714	42 (f) An applicant for an initial license shall submit with the person's
715	715	2025 IN 1419—LS 7600/DI 150 17
716	716	1 application a review level financial statement or better financial
717	717	2 statement that reflects the applicant's financial situation on a date not
718	718	3 more than fifteen (15) months before the date on which the application
719	719	4 is submitted. A financial statement submitted under this section must:
720	720	5 (1) be prepared by an independent accountant certified under
721	721	6 IC 25-2.1;
722	722	7 (2) comply with generally accepted accounting principles; and
723	723	8 (3) contain:
724	724	9 (A) an income statement;
725	725	10 (B) a balance sheet;
726	726	11 (C) a statement of cash flow;
727	727	12 (D) a statement of retained earnings;
728	728	13 (E) an aged accounts receivable listing detailing accounts that
729	729	14 are ninety (90) days due, one hundred twenty (120) days due,
730	730	15 and more than one hundred twenty (120) days due;
731	731	16 (F) a copy of the daily position record for the end of the
732	732	17 licensee's fiscal year;
733	733	18 (G) the preparer's notes; and
734	734	19 (H) other information the agency may require.
735	735	20 The director may adopt rules under IC 4-22-2 to allow the agency to
736	736	21 accept other substantial supporting documents instead of those listed
737	737	22 to determine the financial solvency of the applicant if the director
738	738	23 determines that providing the listed documents creates a financial or
739	739	24 other hardship on the applicant or licensee.
740	740	25 (g) If a licensee's storage capacity changes between license
741	741	26 renewals, the agency shall charge the licensee a fee of two hundred
742	742	27 fifty dollars ($250).
743	743	28 (h) An application for a license implies a consent to be inspected.
744	744	29 (i) Fees collected under this section shall be deposited in the grain
745	745	30 buyers and warehouse licensing agency license fee fund established by
746	746	31 section 6.3 of this chapter.
747	747	32 SECTION 11. IC 26-3-7-6.1, AS AMENDED BY P.L.134-2015,
748	748	33 SECTION 2, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
749	749	34 JULY 1, 2025]: Sec. 6.1. (a) Not more than ninety (90) days after the
750	750	35 end of a licensee's fiscal year, the licensee shall file with the agency a
751	751	36 current review level financial statement or better financial statement
752	752	37 that reflects the licensee's financial situation for the previous fiscal
753	753	38 year. The financial statement must be submitted with the licensee's
754	754	39 renewal forms and fees.
755	755	40 (b) (a) A financial statement submitted under this section chapter
756	756	41 must comply with the following:
757	757	42 (1) Be prepared by an independent accountant certified under
758	758	2025 IN 1419—LS 7600/DI 150 18
759	759	1 IC 25-2.1.
760	760	2 (2) Comply with generally accepted United States accounting
761	761	3 principles. and
762	762	4 (3) Be at a review level or audit level.
763	763	5 (3) (4) Contain:
764	764	6 (A) an income statement;
765	765	7 (B) a balance sheet;
766	766	8 (C) a statement of cash flow;
767	767	9 (D) a statement of retained earnings;
768	768	10 (E) an aged accounts receivable listing detailing accounts that
769	769	11 are ninety (90) days due, one hundred twenty (120) days due,
770	770	12 and more than one hundred twenty (120) days due;
771	771	13 (F) a copy of the daily position record for the end of the
772	772	14 licensee's fiscal year;
773	773	15 (G) (E) the preparer's notes; and
774	774	16 (H) (F) other information the agency requires.
775	775	17 (5) An aged accounts receivable listing detailing accounts that
776	776	18 are ninety (90) days due, one hundred twenty (120) days due,
777	777	19 and more than one hundred twenty (120) days due.
778	778	20 (6) A copy of the daily position record for the end of the
779	779	21 licensee's fiscal year.
780	780	22 The director may adopt rules under IC 4-22-2 to allow the agency to
781	781	23 accept other substantial supporting documents instead of those listed
782	782	24 to determine the financial solvency of the applicant if the director
783	783	25 determines that providing the listed documents creates a financial or
784	784	26 other hardship on the applicant or licensee.
785	785	27 (c) If the licensee has failed to timely file the financial statement,
786	786	28 renewal form, or renewal fee as required in subsection (a), the agency
787	787	29 may assess a fine as follows:
788	788	30 (1) Fifty percent (50%) of the licensee's renewal fee for a
789	789	31 financial statement, renewal form, or renewal fee that is at least
790	790	32 one (1) day and not more than sixty (60) days late.
791	791	33 (2) One hundred percent (100%) of the licensee's renewal fee for
792	792	34 a financial statement, renewal form, or renewal fee that is more
793	793	35 than sixty (60) days late.
794	794	36 (d) The agency may file a notice of hearing for any fines assessed
795	795	37 under subsection (c).
796	796	38 (b) If a person, an applicant, or a licensee is the subsidiary of a
797	797	39 parent entity, and financial statements are not prepared by or for
798	798	40 the person, applicant, or licensee in the ordinary course of
799	799	41 business, the director may consider the following to be the
800	800	42 equivalent of a review level or audit level financial statement, for
801	801	2025 IN 1419—LS 7600/DI 150 19
802	802	1 purposes of this section:
803	803	2 (1) Either:
804	804	3 (A) a compilation level financial statement prepared in
805	805	4 accordance with generally accepted accounting principles
806	806	5 by an independent accountant certified under IC 25-2.1; or
807	807	6 (B) an audited or review level financial statement of the
808	808	7 parent entity, current as of its most recent fiscal year end,
809	809	8 that is in full compliance with the requirements of this
810	810	9 section.
811	811	10 (2) An unconditional guaranty of the parent entity in the form
812	812	11 required by the agency, with a term of at least one (1) year,
813	813	12 under which the parent entity agrees without condition to
814	814	13 satisfy in full any and all existing and future monetary
815	815	14 obligations of the person, applicant, or licensee covered by all
816	816	15 applicable licenses covered under this chapter.
817	817	16 (c) For any particular person, applicant, or licensee, the director
818	818	17 may consider the following documents and materials, taken
819	819	18 together, to be the equivalent of a compilation level, review level,
820	820	19 or audit level financial statement for purposes of this section after
821	821	20 making the determination required under subsection (b):
822	822	21 (1) Copies of state and federal tax returns for the person,
823	823	22 applicant, or licensee, for the two (2) years before the most
824	824	23 recent fiscal year of the person, applicant, or licensee.
825	825	24 (2) Copies of state and federal tax returns for the principals,
826	826	25 members, shareholders, or other owners of or stakeholders in
827	827	26 the person, applicant, or licensee.
828	828	27 (3) Current reports or similar accounting documents showing
829	829	28 all outstanding payables and receivables, with each due date
830	830	29 and party, including contact information.
831	831	30 (4) A business plan covering the next five (5) fiscal years of the
832	832	31 person, applicant, or licensee and signed by a principal,
833	833	32 member, shareholder, owner, or executive or other officer of
834	834	33 the person, applicant, or licensee.
835	835	34 (5) A proposed agreement between the person, applicant, or
836	836	35 licensee and the agency, in the form required by the agency,
837	837	36 where the person, applicant, or licensee agrees to use certain
838	838	37 risk management practices, which the director determines are
839	839	38 necessary or appropriate under the circumstances, to mitigate
840	840	39 the risk of loss by the person, applicant, or licensee in the
841	841	40 futures or options market.
842	842	41 (6) Other documents or materials as the director may by rule
843	843	42 identify.
844	844	2025 IN 1419—LS 7600/DI 150 20
845	845	1 (d) If a financial statement is required under this chapter, a
846	846	2 person, applicant, or licensee may submit the equivalent of a
847	847	3 review level or audit level financial statement under subsection (b)
848	848	4 or (c) if the person, applicant, or licensee obtains preapproval from
849	849	5 the director before the financial statement is or would be required
850	850	6 to be submitted under this chapter and complies with the
851	851	7 following:
852	852	8 (1) At least forty-five (45) days before the financial statement
853	853	9 is or would be required to be submitted under this chapter,
854	854	10 the person, applicant, or licensee submits to the director a
855	855	11 letter regarding the financial statement requirement that
856	856	12 includes the following:
857	857	13 (A) Identifies the person, applicant, or licensee submitting
858	858	14 the letter and each section of this chapter that the person,
859	859	15 applicant, or licensee is or will be required to submit a
860	860	16 financial statement.
861	861	17 (B) Encloses all the documents and materials required
862	862	18 under subsection (b) or (c).
863	863	19 (C) A detailed explanation regarding why, under the
864	864	20 particular circumstances, the director should consider all
865	865	21 the documents and materials required under subsection (b)
866	866	22 or (c), as submitted, to be the equivalent of a review level
867	867	23 or audit level financial statement.
868	868	24 (D) States whether the person, applicant, or licensee is
869	869	25 seeking to submit the documents and materials required
870	870	26 under subsection (b) or (c) only once, in perpetuity, or for
871	871	27 some other set period.
872	872	28 (E) Sets forth contact information for the person,
873	873	29 applicant, or licensee.
874	874	30 (2) Upon receipt by the director of a letter under subdivision
875	875	31 (1), the director shall do the following:
876	876	32 (A) Conduct a review of the letter and its enclosures,
877	877	33 including contacting the person, applicant, or licensee if
878	878	34 necessary and reviewing any other documents,
879	879	35 information, or other materials already available to the
880	880	36 director.
881	881	37 (B) Determine whether the enclosures should be considered
882	882	38 to be the equivalent of a review level or audit level
883	883	39 financial statement under the circumstances and for the
884	884	40 reasons set forth in the letter.
885	885	41 (C) Issue a notice of financial statement determination to
886	886	42 the person, applicant, or licensee that sets forth the
887	887	2025 IN 1419—LS 7600/DI 150 21
888	888	1 director's determination under clause (B), that includes the
889	889	2 reasons under subdivision (3), and whether the
890	890	3 determination will apply only once, in perpetuity, or for
891	891	4 another set period, as determined by the director.
892	892	5 (3) In reviewing the letter and its enclosures to make the
893	893	6 determination under subdivision (2)(A) and (2)(B), the
894	894	7 director shall consider the following:
895	895	8 (A) Whether the documents and materials required under
896	896	9 subsection (b) or (c), as submitted by the particular person,
897	897	10 applicant, or licensee, adequately supply the director and
898	898	11 the agency with sufficient information regarding the
899	899	12 person, applicant, or licensee for the agency to perform its
900	900	13 statutory functions under this chapter with respect to the
901	901	14 person, applicant, or licensee.
902	902	15 (B) Whether it would be reasonable and appropriate for
903	903	16 the director to continue to accept the documents and
904	904	17 materials required under subsection (b) or (c) from the
905	905	18 person, applicant, or licensee, in perpetuity or for some
906	906	19 other set period, including, the length of the guaranty
907	907	20 required under subsection (b)(2).
908	908	21 (4) Any letter under subdivision (1) and any response under
909	909	22 subdivisions (2) and (3), including the director's
910	910	23 determination under subdivisions (2)(B) and (3), applies only
911	911	24 to the person, applicant, or licensee who submitted the letter
912	912	25 under subdivision (1).
913	913	26 SECTION 12. IC 26-3-7-6.3, AS AMENDED BY P.L.208-2021,
914	914	27 SECTION 3, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
915	915	28 JULY 1, 2025]: Sec. 6.3. (a) The grain buyers and warehouse licensing
916	916	29 agency license fee fund is established to provide funds for the
917	917	30 administration of this chapter and IC 26-3-7.5. The fund shall be
918	918	31 administered by the agency. The fund consists of:
919	919	32 (1) the moisture testing device inspection fees collected under
920	920	33 IC 15-11-8-3; IC 26-3-7.5-6;
921	921	34 (2) the licensing fees collected under section 6 section 4.4 of this
922	922	35 chapter;
923	923	36 (3) the fines collected under this chapter;
924	924	37 (4) gifts and bequests; and
925	925	38 (5) appropriations made by the general assembly.
926	926	39 (b) Expenses of administering the fund shall be paid from money in
927	927	40 the fund.
928	928	41 (c) The treasurer of state shall invest the money in the fund not
929	929	42 currently needed to meet the obligations of the fund in the same
930	930	2025 IN 1419—LS 7600/DI 150 22
931	931	1 manner as other public money may be invested. Interest that accrues
932	932	2 from these investments shall be deposited in the fund.
933	933	3 (d) Money in the fund at the end of a state fiscal year does not revert
934	934	4 to the state general fund.
935	935	5 SECTION 13. IC 26-3-7-6.5, AS AMENDED BY P.L.208-2021,
936	936	6 SECTION 4, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
937	937	7 JULY 1, 2025]: Sec. 6.5. (a) The names, locations, respective counties,
938	938	8 and license status of licensees may be disclosed.
939	939	9 (b) Unless in accordance with a judicial order, the director, the
940	940	10 agency, its counsel, auditors, or its other employees or agents shall not
941	941	11 divulge any other information disclosed by the applications or reports
942	942	12 filed or inspections performed under the provisions of this chapter.
943	943	13 However, information may be divulged to agents and employees of the
944	944	14 agency, the board, as required by subsection (d), the state board of
945	945	15 accounts or another entity retained under subsection (f), or to any other
946	946	16 legal representative of the state or federal government otherwise
947	947	17 empowered to see or review the information.
948	948	18 (c) Except as provided in subsection (d), the director may disclose
949	949	19 the information described in subsection (b) only in the form of an
950	950	20 information summary or profile, or statistical study based upon data
951	951	21 provided with respect to more than one (1) warehouse, grain buyer, or
952	952	22 buyer-warehouse that does not identify the warehouse, grain buyer, or
953	953	23 buyer-warehouse to which the information applies.
954	954	24 (d) The director shall disclose to the board, while the board is in
955	955	25 executive session, the status and inspection results of any licensee who
956	956	26 poses a significant risk of failure the director revoking the licensee's
957	957	27 license or who has failed to meet the minimum requirements in section
958	958	28 4(e) or 16 14.4 of this chapter. The director may not include any
959	959	29 identifying information regarding the licensee. The director may not
960	960	30 disclose the information to a board member who has not executed a
961	961	31 confidentiality agreement presented by the agency.
962	962	32 (e) The director shall provide the board with records of previous
963	963	33 failures license revocations to analyze the factors that have led to
964	964	34 previous failures. licenses being revoked.
965	965	35 (f) The director may use the services of the state board of accounts
966	966	36 or retain another entity to assist the agency in investigating any audit
967	967	37 results or other factors which indicate the potential for a licensee
968	968	38 failure. the revocation of a licensee's license. The director may seek
969	969	39 the advice and guidance of the board on selecting an entity or on any
970	970	40 other matter.
971	971	41 SECTION 14. IC 26-3-7-6.8 IS ADDED TO THE INDIANA CODE
972	972	42 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
973	973	2025 IN 1419—LS 7600/DI 150 23
974	974	1 1, 2025]: Sec. 6.8. (a) A person that desires to conduct business as
975	975	2 a grain buyer, warehouse operator, or buyer-warehouse in Indiana
976	976	3 shall submit to the director the following:
977	977	4 (1) A completed license application in the form required by
978	978	5 the agency.
979	979	6 (2) A financial statement that complies with the requirements
980	980	7 of this chapter and that reflects the applicant's financial
981	981	8 situation on a date not more than fifteen (15) months before
982	982	9 the date the applicant first submits any of the license
983	983	10 application materials required under this subsection.
984	984	11 (3) A completed certificate of deposit, a bond, or other
985	985	12 security, in the form required by the agency, and proof of the
986	986	13 deposit, bond, or other security sufficient to demonstrate
987	987	14 compliance with the requirements of this section, including, as
988	988	15 applicable, complete and accurate copies of all instruments,
989	989	16 documents, or materials related to the deposit, bond, or other
990	990	17 security.
991	991	18 (4) A completed certificate of insurance, in the form required
992	992	19 by the agency, and proof of insurance sufficient to
993	993	20 demonstrate compliance with the requirements of this section.
994	994	21 (5) Proof of compliance with the scale certification
995	995	22 requirements.
996	996	23 (6) A certificate of good standing or other documentation
997	997	24 sufficient to demonstrate that the applicant is licensed to do
998	998	25 business in Indiana, including a current copy of the
999	999	26 applicant's business information that is maintained by the
1000	1000	27 secretary of state.
1001	1001	28 (7) Examples of grain delivery tickets, settlement sheets,
1002	1002	29 purchase agreements, storage agreements, and other similar
1003	1003	30 agreements that comply with the requirements of this chapter,
1004	1004	31 that are to be used by the applicant in conducting business as
1005	1005	32 a licensee in Indiana.
1006	1006	33 (8) Any other documentation that the director determines is
1007	1007	34 necessary to demonstrate that the applicant is in compliance
1008	1008	35 with the requirements for a license under this chapter.
1009	1009	36 (b) Within ninety (90) days of the receipt of all license
1010	1010	37 application materials required under subsection (a), the director
1011	1011	38 or director's designated representative shall review the license
1012	1012	39 application and determine whether the applicant has demonstrated
1013	1013	40 compliance with the requirements for a license under this chapter.
1014	1014	41 (c) An on-premises inspection of each applicable facility located
1015	1015	42 within Indiana is required.
1016	1016	2025 IN 1419—LS 7600/DI 150 24
1017	1017	1 (d) The application must be denied if the applicant is not in full
1018	1018	2 compliance with this chapter before issuing a license.
1019	1019	3 (e) If a license application is denied for any reason under this
1020	1020	4 section, the notice of denial must set forth each reason for the
1021	1021	5 denial, including any failure by the applicant to comply with the
1022	1022	6 requirements of this chapter.
1023	1023	7 (f) An applicant may appeal a decision of the director to deny a
1024	1024	8 license under IC 4-21.5-3.
1025	1025	9 SECTION 15. IC 26-3-7-7 IS AMENDED TO READ AS
1026	1026	10 FOLLOWS [EFFECTIVE JULY 1, 2025]: Sec. 7. (a) The director may
1027	1027	11 issue or amend a license after the director has:
1028	1028	12 (1) received and approved the required information and
1029	1029	13 documentation; and
1030	1030	14 (2) determined that:
1031	1031	15 (A) the facility or facilities covered by the application are
1032	1032	16 suitable for the proper storage or handling of the grain
1033	1033	17 intended to be stored or handled in the facility or facilities; and
1034	1034	18 (B) the applicant has complied with this chapter and the rules
1035	1035	19 adopted under this chapter.
1036	1036	20 (b) A person may not represent that the person is licensed under this
1037	1037	21 chapter, and may not use a name or description that conveys the
1038	1038	22 impression that the person is licensed, in a receipt or otherwise, unless
1039	1039	23 the person holds an unsuspended and unrevoked license to conduct the
1040	1040	24 business indicated by the license.
1041	1041	25 (c) (a) An applicant for a license under this chapter must show that
1042	1042	26 the applicant:
1043	1043	27 (1) has a good business reputation;
1044	1044	28 (2) has not been involved in improper manipulation of books and
1045	1045	29 records or other improper business practice;
1046	1046	30 (3) (1) has the qualifications and background essential for the
1047	1047	31 conduct of the business to be licensed;
1048	1048	32 (4) employs management and principal officers that have suitable
1049	1049	33 business reputations, background, and qualifications to perform
1050	1050	34 their duties;
1051	1051	35 (5) (2) has not been found guilty of a crime that would affect the
1052	1052	36 licensee's ability to conduct business with integrity; involving
1053	1053	37 illegal activities that involve money, assets, or financial tools
1054	1054	38 for personal gain; and
1055	1055	39 (6) (3) does not employ an officer, director, partner, or manager
1056	1056	40 that has been found guilty of a crime that would affect the
1057	1057	41 licensee's ability to conduct business with integrity. involving
1058	1058	42 illegal activities that involve money, assets, or financial tools
1059	1059	2025 IN 1419—LS 7600/DI 150 25
1060	1060	1 for personal gain.
1061	1061	2 (b) The agency may deny a license to an applicant that has been
1062	1062	3 involved in improper business practices.
1063	1063	4 SECTION 16. IC 26-3-7-8 IS REPEALED [EFFECTIVE JULY 1,
1064	1064	5 2025]. Sec. 8. Upon receipt of an application for a permanent license,
1065	1065	6 the director may issue a temporary license to the applicant for a
1066	1066	7 reasonable time, not to exceed ninety (90) days, as the director deems
1067	1067	8 necessary or advisable to enable the applicant to comply with the
1068	1068	9 further requirements for obtaining a license under this chapter. A
1069	1069	10 temporary license entitles the temporary licensee to the same rights and
1070	1070	11 subjects the temporary licensee to the same duties as if the temporary
1071	1071	12 licensee had a permanent license.
1072	1072	13 SECTION 17. IC 26-3-7-8.5 IS AMENDED TO READ AS
1073	1073	14 FOLLOWS [EFFECTIVE JULY 1, 2025]: Sec. 8.5. (a) If the
1074	1074	15 ownership of a facility or business licensed under this chapter passes
1075	1075	16 to a successor owner, the obligations under this chapter of the original
1076	1076	17 licensee do not cease until the successor owner is properly licensed and
1077	1077	18 has executed a successor's agreement with the agency.
1078	1078	19 (b) A license issued under this chapter is not transferable or
1079	1079	20 assignable to any person, including successors in interest to the
1080	1080	21 licensee.
1081	1081	22 SECTION 18. IC 26-3-7-9 IS AMENDED TO READ AS
1082	1082	23 FOLLOWS [EFFECTIVE JULY 1, 2025]: Sec. 9. (a) Each applicant
1083	1083	24 for a license under this chapter shall, as a condition of licensure, file or
1084	1084	25 have on file with the director:
1085	1085	26 (1) a cash deposit;
1086	1086	27 (2) an irrevocable letter of credit;
1087	1087	28 (3) a bond; or
1088	1088	29 (4) any combination of the above;
1089	1089	30 as provided in section 10 of this chapter.
1090	1090	31 (b) A bond filed under this chapter shall:
1091	1091	32 (1) be conditioned upon the faithful performance of all obligations
1092	1092	33 of the licensee under this chapter and the rules adopted under this
1093	1093	34 chapter from the effective date of the bond until the earlier of the
1094	1094	35 date the license is revoked or the bond is canceled as provided in
1095	1095	36 this chapter; and
1096	1096	37 (2) be further conditioned upon the faithful performance of all
1097	1097	38 obligations from the effective date of the bond and thereafter,
1098	1098	39 regardless of whether the licensee's facility or facilities exist on
1099	1099	40 the effective date of the bond or are thereafter assumed prior to
1100	1100	41 the date the licensee's license is revoked or the bond is canceled
1101	1101	42 as provided in this chapter.
1102	1102	2025 IN 1419—LS 7600/DI 150 26
1103	1103	1 (c) The bond must remain in effect during a violation a temporary
1104	1104	2 suspension of the licensee's license, or a period during which the
1105	1105	3 licensee is subject to a cease and desist order.
1106	1106	4 SECTION 19. IC 26-3-7-10, AS AMENDED BY P.L.208-2021,
1107	1107	5 SECTION 5, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
1108	1108	6 JULY 1, 2025]: Sec. 10. (a) The minimum amount of bond, letter of
1109	1109	7 credit, or cash deposit required from a licensee is as follows:
1110	1110	8 (1) For a grain bank license or a warehouse license:
1111	1111	9 (A) fifty thousand dollars ($50,000); and
1112	1112	10 (B) ten cents ($0.10) multiplied by the licensed bushel storage
1113	1113	11 capacity of the grain bank or warehouse.
1114	1114	12 (2) For a grain buyer, including a grain buyer that is also a
1115	1115	13 licensee under the warehouse act:
1116	1116	14 (A) fifty thousand dollars ($50,000); or
1117	1117	15 (B) five-tenths percent (0.5%) of the total amount the grain
1118	1118	16 buyer paid for grain purchased from producers during the
1119	1119	17 grain buyer's most recent fiscal year;
1120	1120	18 whichever is greater.
1121	1121	19 (3) For a buyer-warehouse:
1122	1122	20 (A) an amount equal to the sum of:
1123	1123	21 (i) fifty thousand dollars ($50,000); and
1124	1124	22 (ii) ten cents ($0.10) multiplied by the licensed bushel
1125	1125	23 storage capacity of the buyer-warehouse's facility; or
1126	1126	24 (B) five-tenths percent (0.5%) of the total amount the
1127	1127	25 buyer-warehouse paid for grain purchased from producers
1128	1128	26 during the buyer-warehouse's most recent fiscal year;
1129	1129	27 whichever is greater.
1130	1130	28 (b) Except as provided in subsections (g) and (h), the amount of
1131	1131	29 bond, letter of credit, or cash deposit required by this chapter may not
1132	1132	30 exceed three hundred twenty-five thousand dollars ($325,000) per
1133	1133	31 license and may not exceed a total of one million two hundred fifty
1134	1134	32 thousand dollars ($1,250,000) per person.
1135	1135	33 (c) The licensed bushel storage capacity is the maximum number of
1136	1136	34 bushels of grain that the licensee's facility could accommodate as
1137	1137	35 determined by the director or the director's designated representative
1138	1138	36 and shall be increased or reduced in accordance with the amount of
1139	1139	37 space being used for storage from time to time.
1140	1140	38 (d) Instead of a bond or cash deposit, an irrevocable letter of credit
1141	1141	39 in the prescribed amount may be provided with the director as the
1142	1142	40 beneficiary. The director shall adopt rules under IC 4-22-2 to establish
1143	1143	41 acceptable form, substance, terms, and conditions for letters of credit.
1144	1144	42 The director may not release a party from the obligations of the letter
1145	1145	2025 IN 1419—LS 7600/DI 150 27
1146	1146	1 of credit within eighteen (18) fifteen (15) months of the termination of
1147	1147	2 the licensee's license.
1148	1148	3 (e) The director shall adopt rules under IC 4-22-2 to provide for the
1149	1149	4 receipt and retention of cash deposits. However, The director shall may
1150	1150	5 not return a cash deposit to a licensee until the director has taken
1151	1151	6 reasonable precautions to assure that the licensee's obligations and
1152	1152	7 liabilities have been or will be met.
1153	1153	8 (f) If a person is licensed or is applying for licenses to operate two
1154	1154	9 (2) or more facilities in Indiana, the person may give a single bond,
1155	1155	10 letter of credit, or cash deposit to satisfy the requirements of this
1156	1156	11 chapter and the rules adopted under this chapter to cover all the
1157	1157	12 person's facilities in Indiana.
1158	1158	13 (g) If a licensee has a deficiency in the minimum positive tangible
1159	1159	14 net worth required under section 16(a)(2)(B), 16(a)(3)(B), 16(a)(4)(B),
1160	1160	15 or 16(a)(5)(B) 14.4 of this chapter, the licensee shall add to the amount
1161	1161	16 of bond, letter of credit, or cash deposit determined under subsection
1162	1162	17 (a) an amount equal to the deficiency or provide another form of surety
1163	1163	18 as permitted under the rules of the agency.
1164	1164	19 (h) Except as provided in subsections (i) and (j), a licensee may not
1165	1165	20 correct a deficiency in the minimum positive tangible net worth
1166	1166	21 required by section 16(a)(1), 16(a)(2)(A), 16(a)(3)(A), 16(a)(4)(A), or
1167	1167	22 16(a)(5)(A) 14.4 of this chapter by adding to the amount of bond, letter
1168	1168	23 of credit, or cash deposit required by subsection (a).
1169	1169	24 (i) A buyer-warehouse that has a bushel storage capacity of less than
1170	1170	25 one million (1,000,000) bushels or purchases less than one million
1171	1171	26 (1,000,000) bushels of grain per year may correct a deficiency in
1172	1172	27 minimum positive tangible net worth by adding to the amount of bond,
1173	1173	28 letter of credit, or cash deposit determined under subsection (a) if the
1174	1174	29 buyer-warehouse has a minimum positive tangible net worth of at least
1175	1175	30 fifty thousand dollars ($50,000), not including the amount added to the
1176	1176	31 bond, letter of credit, or cash deposit.
1177	1177	32 (j) A buyer-warehouse that has a bushel storage capacity of at least
1178	1178	33 one million (1,000,000) bushels, or purchases at least one million
1179	1179	34 (1,000,000) bushels of grain per year, may correct a deficiency in
1180	1180	35 minimum positive tangible net worth by adding to the amount of bond,
1181	1181	36 letter of credit, or cash deposit determined under subsection (a) if the
1182	1182	37 buyer-warehouse has a minimum positive tangible net worth of at least
1183	1183	38 one hundred thousand dollars ($100,000), not including the amount
1184	1184	39 added to the bond, letter of credit, or cash deposit.
1185	1185	40 (k) If the director or the director's designated representative finds
1186	1186	41 that conditions exist that warrant requiring additional bond or cash
1187	1187	42 deposit, there shall be added to the amount of bond or cash deposit as
1188	1188	2025 IN 1419—LS 7600/DI 150 28
1189	1189	1 determined under the other provisions of this section, a further amount
1190	1190	2 to meet the conditions.
1191	1191	3 (l) If the director or the director's designated representative finds a
1192	1192	4 deficiency in minimum positive tangible net worth before the
1193	1193	5 licensee's next audit by the agency, the director shall issue a notice of
1194	1194	6 deficiency to the licensee stating that the licensee has thirty (30) days
1195	1195	7 to correct the deficiency. If a licensee fails to correct a deficiency in
1196	1196	8 minimum positive tangible net worth within the thirty (30) day period,
1197	1197	9 the director may issue a fine of not more than one thousand dollars
1198	1198	10 ($1,000).
1199	1199	11 (m) If a licensee fails to correct a deficiency in minimum net worth
1200	1200	12 within sixty (60) days of receiving a fine under subsection (l), the
1201	1201	13 director may issue a temporary suspension of not more than thirty (30)
1202	1202	14 days. The director or the director's designated representative shall grant
1203	1203	15 an opportunity for a hearing as soon as possible following a temporary
1204	1204	16 suspension under this subsection.
1205	1205	17 (n) (m) The director may accept, instead of a single cash deposit,
1206	1206	18 letter of credit, or bond, a deposit consisting of any combination of cash
1207	1207	19 deposits, letters of credit, or bonds in an amount equal to the licensee's
1208	1208	20 obligation under this chapter. The director shall adopt rules under
1209	1209	21 IC 4-22-2 to establish standards for determining the order in which the
1210	1210	22 forms of security on deposit must be used to pay proven claims if the
1211	1211	23 licensee defaults.
1212	1212	24 (o) (n) The director may require additional bonding that the director
1213	1213	25 considers necessary.
1214	1214	26 SECTION 20. IC 26-3-7-14 IS AMENDED TO READ AS
1215	1215	27 FOLLOWS [EFFECTIVE JULY 1, 2025]: Sec. 14. (a) A licensee may
1216	1216	28 not cancel an approved bond or approved insurance unless the director
1217	1217	29 has given prior written approval for the cancellation and has received
1218	1218	30 a substitute cash deposit or has approved a substitute bond or
1219	1219	31 insurance. The surety on a bond may cancel a bond required by this
1220	1220	32 chapter only after the expiration of ninety (90) days from the date the
1221	1221	33 surety mailed a notice of intent to cancel, by registered or certified
1222	1222	34 mail, to the director. An insurance company may cancel insurance
1223	1223	35 required by this chapter only after the expiration of a thirty (30) day
1224	1224	36 period from the mailing, by certified mail, of notice of intent to cancel,
1225	1225	37 to the director. The surety and the insurance company shall, at the time
1226	1226	38 of giving notice to the director, send a copy of the notice to the
1227	1227	39 licensee.
1228	1228	40 (b) Notwithstanding any other provision of this chapter, the license
1229	1229	41 of a licensee shall automatically be suspended fined one thousand
1230	1230	42 dollars ($1,000) for failure to:
1231	1231	2025 IN 1419—LS 7600/DI 150 29
1232	1232	1 (1) file a new bond, letter of credit, or cash deposit within the
1233	1233	2 ninety (90) day period as provided in this section;
1234	1234	3 (2) file new evidence of insurance within the thirty (30) day
1235	1235	4 period as provided in this section; or
1236	1236	5 (3) maintain at all times a bond or cash deposit and insurance as
1237	1237	6 provided in this chapter.
1238	1238	7 The suspension shall continue until the licensee complies with the
1239	1239	8 bonding and insurance requirements of this chapter. If a licensee fails
1240	1240	9 to pay the fine and meet the requirements set forth in this
1241	1241	10 subsection within ninety (90) days, the agency shall revoke the
1242	1242	11 license of the licensee.
1243	1243	12 SECTION 21. IC 26-3-7-14.2 IS ADDED TO THE INDIANA
1244	1244	13 CODE AS A NEW SECTION TO READ AS FOLLOWS
1245	1245	14 [EFFECTIVE JULY 1, 2025]: Sec. 14.2. (a) A licensee under this
1246	1246	15 chapter shall maintain a minimum current ratio of one to one (1:1)
1247	1247	16 or better. The current ratio is determined by dividing a licensee's
1248	1248	17 current assets by the licensee's current liabilities, as demonstrated
1249	1249	18 by the licensee's financial statement submitted to the agency, the
1250	1250	19 quotient of which is rounded to the nearest ten-thousandth (0.0001)
1251	1251	20 decimal place.
1252	1252	21 (b) For purposes of subsection (a), a better ratio includes the
1253	1253	22 absence of a current ratio where the value of a licensee's current
1254	1254	23 liabilities, as demonstrated by the licensee's financial statement
1255	1255	24 submitted to the agency, is zero (0).
1256	1256	25 (c) The addition by the licensee of an amount required under
1257	1257	26 this section does not itself constitute or effect a cure of a current
1258	1258	27 ratio deficiency.
1259	1259	28 (d) If the licensee's demonstrated current ratio is less than the
1260	1260	29 required amount but greater than eighty-five percent (85%) of the
1261	1261	30 required amount, then:
1262	1262	31 (1) the director or the director's designated representative
1263	1263	32 shall issue a notice of deficiency to the licensee; and
1264	1264	33 (2) the licensee shall cure the current ratio deficiency within
1265	1265	34 ninety (90) days from the receipt of the deficiency notice.
1266	1266	35 (e) If the licensee's demonstrated current ratio is less than or
1267	1267	36 equal to eighty-five percent (85%) of the required amount or has
1268	1268	37 not cured the ratio deficiency as required in subsection (d)(2), then
1269	1269	38 the director shall hold a private hearing in accordance with this
1270	1270	39 chapter and issue an order within thirty (30) days of the conclusion
1271	1271	40 of the hearing that:
1272	1272	41 (1) requires the licensee to take certain actions within a set
1273	1273	42 period, not to exceed fifteen (15) months, to remedy the
1274	1274	2025 IN 1419—LS 7600/DI 150 30
1275	1275	1 current ratio deficiency, as the director deems necessary and
1276	1276	2 appropriate; or
1277	1277	3 (2) revokes the license or licenses of the licensee effective
1278	1278	4 immediately.
1279	1279	5 (f) If a licensee, after a hearing in subsection (e):
1280	1280	6 (1) does not meet the requirements in subsection (e)(1); or
1281	1281	7 (2) has an asset to liability ratio that has continued to decline;
1282	1282	8 the director may revoke the license or licenses of the licensee
1283	1283	9 immediately without an additional hearing.
1284	1284	10 (g) Subject to section 31.8 of this chapter, the director shall
1285	1285	11 assess a fine of one thousand dollars ($1,000) against a licensee who
1286	1286	12 does not maintain the minimum ratio requirement under
1287	1287	13 subsection (a).
1288	1288	14 SECTION 22. IC 26-3-7-14.4 IS ADDED TO THE INDIANA
1289	1289	15 CODE AS A NEW SECTION TO READ AS FOLLOWS
1290	1290	16 [EFFECTIVE JULY 1, 2025]: Sec. 14.4. (a) As demonstrated by the
1291	1291	17 licensee's financial statement submitted to the agency, a licensee
1292	1292	18 under this chapter shall maintain a minimum positive tangible net
1293	1293	19 worth, as required under this section.
1294	1294	20 (b) A licensee shall maintain a minimum positive tangible net
1295	1295	21 worth as follows:
1296	1296	22 (1) For a grain bank license, at least one hundred thousand
1297	1297	23 dollars ($100,000).
1298	1298	24 (2) For a warehouse license, an amount at least equal to the
1299	1299	25 sum of:
1300	1300	26 (A) one hundred thousand dollars ($100,000); and
1301	1301	27 (B) ten cents ($0.10) multiplied by the total bushel storage
1302	1302	28 capacity of the facility or facilities covered by the
1303	1303	29 warehouse license.
1304	1304	30 (3) For a grain buyer license, an amount at least equal to the
1305	1305	31 greater of:
1306	1306	32 (A) one hundred thousand dollars ($100,000); or
1307	1307	33 (B) five cents ($0.05) multiplied by the total number of
1308	1308	34 bushels of grain purchased under the grain buyer license
1309	1309	35 during the grain buyer's most recent fiscal year.
1310	1310	36 (4) For a buyer-warehouse license, where the
1311	1311	37 buyer-warehouse license has one (1) or more facilities with a
1312	1312	38 total bushel storage capacity of less than one million
1313	1313	39 (1,000,000) bushels or at which the buyer-warehouse's total
1314	1314	40 annual purchases are less than one million (1,000,000) bushels
1315	1315	41 of grain, an amount at least equal to the greater of:
1316	1316	42 (A) the sum of:
1317	1317	2025 IN 1419—LS 7600/DI 150 31
1318	1318	1 (i) one hundred fifty thousand dollars ($150,000); and
1319	1319	2 (ii) ten cents ($0.10) multiplied by the total bushel
1320	1320	3 storage capacity of the facility or facilities covered by the
1321	1321	4 buyer-warehouse license; or
1322	1322	5 (B) five cents ($0.05) multiplied by the total number of
1323	1323	6 bushels of grain purchased under the buyer-warehouse
1324	1324	7 license during the buyer-warehouse's most recent fiscal
1325	1325	8 year.
1326	1326	9 (5) For a buyer-warehouse license, where the
1327	1327	10 buyer-warehouse license has one (1) or more facilities with a
1328	1328	11 total bushel storage capacity of at least one million (1,000,000)
1329	1329	12 bushels or at which the buyer-warehouse's annual purchases
1330	1330	13 are at least one million (1,000,000) bushels of grain, an
1331	1331	14 amount at least equal to the greater of:
1332	1332	15 (A) the sum of:
1333	1333	16 (i) two hundred thousand dollars ($200,000); and
1334	1334	17 (ii) ten cents ($0.10) multiplied by the total bushel
1335	1335	18 storage capacity of the facility or facilities covered by the
1336	1336	19 buyer-warehouse license; or
1337	1337	20 (B) five cents ($0.05) multiplied by the total number of
1338	1338	21 bushels of grain purchased under the buyer-warehouse
1339	1339	22 license during the buyer-warehouse's most recent fiscal
1340	1340	23 year.
1341	1341	24 (c) If a licensee has more than one (1) license, the licensee shall
1342	1342	25 maintain a minimum positive tangible net worth that is at least
1343	1343	26 equal to the sum of the minimum positive net worth amounts
1344	1344	27 required under subsection (b) for each individual license held by
1345	1345	28 the licensee.
1346	1346	29 (d) A licensee that fails to be above eighty-five percent (85%) of
1347	1347	30 the minimum positive tangible net worth required under this
1348	1348	31 section, as demonstrated by the licensee's financial statement
1349	1349	32 submitted to the agency, may cure the minimum positive tangible
1350	1350	33 net worth deficiency by adding to the amount of the deposit, bond,
1351	1351	34 or other security required under this chapter an amount equal to
1352	1352	35 the difference between the required minimum positive tangible net
1353	1353	36 worth and the licensee's demonstrated net worth.
1354	1354	37 (e) A licensee may cure the minimum positive tangible net worth
1355	1355	38 deficiency by submitting to the agency:
1356	1356	39 (1) a financial statement, in compliance with the requirements
1357	1357	40 of this chapter, and current as of a date within the time
1358	1358	41 specified to cure the deficiency under this section,
1359	1359	42 demonstrating that the licensee meets the required minimum
1360	1360	2025 IN 1419—LS 7600/DI 150 32
1361	1361	1 positive tangible net worth; or
1362	1362	2 (2) a new financial statement, in compliance with the
1363	1363	3 requirements of this chapter, and current as of a date within
1364	1364	4 the time specified to cure the deficiency under this section,
1365	1365	5 demonstrating that the licensee's demonstrated net worth is
1366	1366	6 at least equal to the amount or amounts specified in
1367	1367	7 subsection (b), and by adding to the amount of the deposit,
1368	1368	8 bond, or other security required under this chapter an
1369	1369	9 amount equal to the difference between the required
1370	1370	10 minimum positive tangible net worth and the licensee's
1371	1371	11 demonstrated net worth.
1372	1372	12 (f) The director may, in accordance with this section, require a
1373	1373	13 licensee that has failed to meet the minimum positive tangible net
1374	1374	14 worth requirement to add to the amount of the deposit, bond, or
1375	1375	15 other security required under this section an amount the director
1376	1376	16 deems necessary and appropriate to respond to the minimum
1377	1377	17 positive tangible net worth deficiency. The addition by the licensee
1378	1378	18 of an amount required under this subsection does not itself
1379	1379	19 constitute or effect a cure of a minimum positive tangible net worth
1380	1380	20 deficiency.
1381	1381	21 (g) If the licensee's demonstrated current net worth is less than
1382	1382	22 the required amount but greater than eighty-five percent (85%) of
1383	1383	23 the required amount, then:
1384	1384	24 (1) the director or the director's designated representative
1385	1385	25 shall issue a notice of deficiency to the licensee; and
1386	1386	26 (2) the licensee shall cure the current net worth deficiency
1387	1387	27 within ninety (90) days from the receipt of the deficiency
1388	1388	28 notice.
1389	1389	29 (h) If the licensee's demonstrated current net worth is less than
1390	1390	30 or equal to eighty-five percent (85%) of the required amount or
1391	1391	31 has not cured the ratio deficiency as required in subsection (d),
1392	1392	32 then the director shall hold a private hearing in accordance with
1393	1393	33 this chapter and issue an order within thirty (30) days of the
1394	1394	34 conclusion of the hearing that:
1395	1395	35 (1) requires the licensee to take certain actions within a set
1396	1396	36 period, not to exceed fifteen (15) months, to remedy the
1397	1397	37 current net worth deficiency, as the director deems necessary
1398	1398	38 and appropriate; or
1399	1399	39 (2) revokes the license or licenses of the licensee effective
1400	1400	40 immediately.
1401	1401	41 (i) If a licensee, after a hearing in subsection (h):
1402	1402	42 (1) does not meet the requirements in subsection (h)(1); or
1403	1403	2025 IN 1419—LS 7600/DI 150 33
1404	1404	1 (2) has a net worth that has continued to decline;
1405	1405	2 the director may revoke the license or licenses of the licensee
1406	1406	3 immediately without an additional hearing.
1407	1407	4 (j) Subject to section 31.8 of this chapter, the director shall
1408	1408	5 assess a fine of one thousand dollars ($1,000) on a licensee who
1409	1409	6 does not maintain the net worth requirement under subsection (b).
1410	1410	7 SECTION 23. IC 26-3-7-16 IS REPEALED [EFFECTIVE JULY 1,
1411	1411	8 2025]. Sec. 16. (a) A licensee shall have and maintain a current asset
1412	1412	9 to current liability ratio of one to one (1:1) and shall maintain, as
1413	1413	10 evidenced by the financial statement required by section 6 of this
1414	1414	11 chapter, the following minimum positive net worth:
1415	1415	12 (1) For a grain bank, minimum positive net worth is at least one
1416	1416	13 hundred thousand dollars ($100,000).
1417	1417	14 (2) For a warehouse, minimum positive net worth is at least equal
1418	1418	15 to the sum of:
1419	1419	16 (A) one hundred thousand dollars ($100,000); and
1420	1420	17 (B) ten cents ($0.10) multiplied by the bushel storage capacity
1421	1421	18 of the warehouse.
1422	1422	19 (3) For a grain buyer, minimum positive net worth is:
1423	1423	20 (A) one hundred thousand dollars ($100,000); or
1424	1424	21 (B) five cents ($0.05) multiplied by the total number of
1425	1425	22 bushels of grain purchased by the grain buyer during the grain
1426	1426	23 buyer's most recent fiscal year;
1427	1427	24 whichever is greater.
1428	1428	25 (4) For a buyer-warehouse that has a bushel storage capacity of
1429	1429	26 less than one million (1,000,000) bushels or purchases less than
1430	1430	27 one million (1,000,000) bushels of grain per year, minimum
1431	1431	28 positive net worth is:
1432	1432	29 (A) the sum of:
1433	1433	30 (i) one hundred fifty thousand dollars ($150,000); and
1434	1434	31 (ii) ten cents ($0.10) multiplied by the bushel storage
1435	1435	32 capacity of the buyer-warehouse; or
1436	1436	33 (B) five cents ($0.05) multiplied by the total number of
1437	1437	34 bushels of grain purchased by the buyer-warehouse during the
1438	1438	35 buyer-warehouse's most recent fiscal year;
1439	1439	36 whichever is greater.
1440	1440	37 (5) For a buyer-warehouse that has a bushel storage capacity of at
1441	1441	38 least one million (1,000,000) bushels or purchases at least one
1442	1442	39 million (1,000,000) bushels of grain per year, minimum positive
1443	1443	40 net worth is:
1444	1444	41 (A) the sum of:
1445	1445	42 (i) two hundred thousand dollars ($200,000); and
1446	1446	2025 IN 1419—LS 7600/DI 150 34
1447	1447	1 (ii) ten cents ($0.10) multiplied by the bushel storage
1448	1448	2 capacity of the buyer-warehouse; or
1449	1449	3 (B) five cents ($0.05) multiplied by the total number of
1450	1450	4 bushels of grain purchased by the buyer-warehouse during the
1451	1451	5 buyer-warehouse's most recent fiscal year;
1452	1452	6 whichever is greater.
1453	1453	7 (b) Except as provided in section 10 of this chapter, if a licensee is
1454	1454	8 required to show additional net worth to comply with this section, the
1455	1455	9 licensee may satisfy the requirement by adding to the amount of the
1456	1456	10 bond, letter of credit, or cash deposit required under section 10 of this
1457	1457	11 chapter an amount equal to the additional net worth required or provide
1458	1458	12 another form of surety as permitted under the rules of the agency.
1459	1459	13 (c) The director may adopt rules under IC 4-22-2 to provide that a
1460	1460	14 narrative market appraisal that demonstrates assets sufficient to comply
1461	1461	15 with this section may satisfy the minimum positive net worth
1462	1462	16 requirement.
1463	1463	17 SECTION 24. IC 26-3-7-16.3 IS ADDED TO THE INDIANA
1464	1464	18 CODE AS A NEW SECTION TO READ AS FOLLOWS
1465	1465	19 [EFFECTIVE JULY 1, 2025]: Sec. 16.3. (a) A licensee shall, as a
1466	1466	20 condition of licensure, submit to the agency on an annual basis, and
1467	1467	21 not later than ninety (90) days after the end of the licensee's fiscal
1468	1468	22 year, the following:
1469	1469	23 (1) A completed annual report in the form and as otherwise
1470	1470	24 required in this chapter.
1471	1471	25 (2) A financial statement for the licensee's most recent fiscal
1472	1472	26 year that complies with the requirements of this chapter.
1473	1473	27 (3) The applicable license fee, in a form and manner of
1474	1474	28 payment acceptable to the agency.
1475	1475	29 (b) Before the anniversary date of the license, the licensee shall
1476	1476	30 pay an annual fee in an amount equal to the amount required
1477	1477	31 under section 6 of this chapter. The director may prorate the
1478	1478	32 annual application fee for a license that is modified at least thirty
1479	1479	33 (30) days after the anniversary date of the licensee's license.
1480	1480	34 (c) If a licensee's storage capacity changes between license
1481	1481	35 renewals, the agency shall charge the licensee a fee of two hundred
1482	1482	36 fifty dollars ($250).
1483	1483	37 SECTION 25. IC 26-3-7-16.5, AS AMENDED BY P.L.145-2017,
1484	1484	38 SECTION 6, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
1485	1485	39 JULY 1, 2025]: Sec. 16.5. (a) Upon learning of the possibility that a
1486	1486	40 shortage exists, either as a result of an inspection or a report or
1487	1487	41 complaint from a depositor, the agency, based on an on-premises
1488	1488	42 inspection, shall make a preliminary determination as to whether a
1489	1489	2025 IN 1419—LS 7600/DI 150 35
1490	1490	1 shortage exists. If a shortage is not discovered, the agency shall treat
1491	1491	2 the audit as it would any other audit.
1492	1492	3 (b) If it is determined that a shortage may exist, the director or the
1493	1493	4 director's designated representative shall hold a hearing as soon as
1494	1494	5 possible to confirm the existence of a shortage as indicated by the
1495	1495	6 licensee's books and records and the grain on hand. Only the licensee,
1496	1496	7 the surety company named on the licensee's bond, the issuer of the
1497	1497	8 irrevocable letter of credit, and any grain depositor who has made a
1498	1498	9 claim or complaint to the agency in conjunction with the shortage shall
1499	1499	10 be considered as interested parties for the purposes of that hearing, and
1500	1500	11 each shall be given notice of the hearing. At the hearing, the director
1501	1501	12 or the director's designated representative shall determine whether
1502	1502	13 there appears to be a reasonable probability that a shortage exists. If it
1503	1503	14 is determined that a reasonable probability exists and that the bond or
1504	1504	15 letter of credit proceeds or the cash deposit should be distributed, a
1505	1505	16 preliminary determination shall be entered to the effect that the
1506	1506	17 licensee has failed to meet its obligations under this chapter or the rules
1507	1507	18 adopted under this chapter. At the hearing, the director or the director's
1508	1508	19 designated representative may order that all proceeds from grain sales
1509	1509	20 are to be held in the form in which they are received and to be kept
1510	1510	21 separate from all other funds held by the licensee. The order may also
1511	1511	22 provide for informal conferences between agency representatives and
1512	1512	23 persons who have or who appear to have grain deposited with the
1513	1513	24 licensee. The surety company shall be permitted to participate in those
1514	1514	25 conferences.
1515	1515	26 (c) In the event that the director determines that the bond or letter
1516	1516	27 of credit proceeds or cash deposit is to be distributed, the agency shall
1517	1517	28 hold a hearing on claims. Notice shall be given to the surety company
1518	1518	29 named on the licensee's bond, the issuer of the irrevocable letter of
1519	1519	30 credit, and to all persons shown by the licensee's books and records to
1520	1520	31 have interests in grain deposited with the licensee. If the agency has
1521	1521	32 actual knowledge of any other depositor or person claiming rights in
1522	1522	33 the grain deposited with the licensee, the bond, the irrevocable letter of
1523	1523	34 credit, or the cash deposit, notice shall also be provided to that person.
1524	1524	35 In addition, public notice shall be provided in newspapers of general
1525	1525	36 circulation that serve the counties in which licensed facilities are
1526	1526	37 located, and notices shall be posted on the licensed premises. At the
1527	1527	38 hearing on claims, the director or the director's designated
1528	1528	39 representative may accept as evidence of claims the report of agency
1529	1529	40 representatives who in informal conferences with depositors have
1530	1530	41 concluded that a claim is directly and precisely supported by the
1531	1531	42 licensee's books and records. When there is disagreement between the
1532	1532	2025 IN 1419—LS 7600/DI 150 36
1533	1533	1 claims of a depositor and the licensee's books and records, the director
1534	1534	2 or the director's designated representative shall hear oral claims and
1535	1535	3 receive written evidence of claims in order to determine the validity of
1536	1536	4 the claim.
1537	1537	5 (d) Any depositor who does not present a claim at the hearing may
1538	1538	6 bring the claim to the agency within fifteen (15) days after the
1539	1539	7 conclusion of the hearing. However, a depositor who has a claim that
1540	1540	8 was involved in the probate of an estate at the time of the claims
1541	1541	9 hearing has one (1) year from the conclusion of the claims hearing to
1542	1542	10 present the claim to the agency.
1543	1543	11 (e) Only grain that has been delivered to a first purchaser licensee
1544	1544	12 for sale or storage under a bailment not more than fifteen (15) months
1545	1545	13 before the date of failure of the licensee revocation of the licensee's
1546	1546	14 license may be considered by the director or the director's designated
1547	1547	15 representative in determining the total proven storage and financial
1548	1548	16 obligations due to depositors and the loss sustained by each depositor
1549	1549	17 who has proven a claim.
1550	1550	18 (f) Following the hearing on claims, the director or the director's
1551	1551	19 designated representative shall make a determination as to the total
1552	1552	20 proven storage and financial obligations due to depositors and the loss
1553	1553	21 sustained by each depositor who has proven a claim. Depositors found
1554	1554	22 to have proven their claims for storage or financial loss shall be proven
1555	1555	23 claimants. In arriving at that loss, in accordance with section 19 of this
1556	1556	24 chapter, the director shall apply all grain on hand or its identifiable
1557	1557	25 proceeds to meet the licensee's obligations to grain depositors of grain
1558	1558	26 of that type. Initial determinations of loss shall be made on the amount
1559	1559	27 of grain on hand, or identifiable proceeds, and shall reduce the amount
1560	1560	28 to which a depositor may have a proven claim. With respect to the
1561	1561	29 remaining unfulfilled obligations, the director shall, for the sole
1562	1562	30 purpose of establishing each depositor's claim under this chapter,
1563	1563	31 establish a date upon which the loss is discovered, shall price the grain
1564	1564	32 as of that date, shall treat all outstanding grain storage obligations not
1565	1565	33 covered by grain on hand or identifiable proceeds as being sold as of
1566	1566	34 that date, and shall determine the extent of each depositor's loss as
1567	1567	35 being the actual loss sustained as of that date. Grain of a specific type
1568	1568	36 on the premises of a licensee must first be applied to meet the licensee's
1569	1569	37 storage obligations with respect to that type of grain. If there is
1570	1570	38 insufficient grain of a specific type on hand to meet all storage
1571	1571	39 obligations with respect to that type of grain, the grain that is present
1572	1572	40 shall be prorated in accordance with the procedures described in this
1573	1573	41 section and section 16.8 of this chapter. The agency shall refer the
1574	1574	42 licensee to the county prosecuting attorney if the licensee does not
1575	1575	2025 IN 1419—LS 7600/DI 150 37
1576	1576	1 have the amount of grain in storage, at the time of the revocation
1577	1577	2 of the license, that the records indicate should be in storage.
1578	1578	3 (g) Upon the failure of the agency to begin an audit, which would
1579	1579	4 serve as the basis for a preliminary administrative determination,
1580	1580	5 within forty-five (45) days of the agency's receipt of a written claim by
1581	1581	6 a depositor, a depositor shall have a right of action upon the bond,
1582	1582	7 letter of credit, or cash deposit. A depositor bringing a civil action need
1583	1583	8 not join other depositors. If the agency has undertaken an audit within
1584	1584	9 the forty-five (45) day period, the exclusive remedy for recovery
1585	1585	10 against the bond, letter of credit, or cash deposit shall be through the
1586	1586	11 recovery procedure prescribed by this section.
1587	1587	12 (h) When the proven claims exceed the amount of the bond, letter
1588	1588	13 of credit, or cash deposit, recoveries of proven claimants shall be
1589	1589	14 prorated in the same manner as priorities are prorated under section
1590	1590	15 16.8 of this chapter.
1591	1591	16 (i) The proceedings and hearings under this section may be
1592	1592	17 undertaken without regard to, in combination with, or in addition to
1593	1593	18 those undertaken in accordance with section 17.1 of this chapter.
1594	1594	19 (j) The findings of the director shall be final, conclusive, and
1595	1595	20 binding on all parties.
1596	1596	21 (k) The director may adopt rules under IC 4-22-2 to determine how
1597	1597	22 the agency may distribute the interest that may accrue from funds held
1598	1598	23 by the agency for the payment of claims.
1599	1599	24 (l) (k) A claim of a licensee for stored grain may not be honored
1600	1600	25 until the proven claims of all other claimants arising from the purchase,
1601	1601	26 storage, and handling of the grain have been paid in full.
1602	1602	27 (m) (l) A claim is considered to be adjudicated if the claimant has:
1603	1603	28 (1) agreed with the director's determination on the claim and not
1604	1604	29 filed an appeal under IC 4-21.5-3; or
1605	1605	30 (2) exhausted the claimant's administrative appeal and judicial
1606	1606	31 review remedies.
1607	1607	32 (n) (m) Subject to the requirements under this chapter, if one (1) or
1608	1608	33 more claimants are not paid in full for the claimants' proven claims, the
1609	1609	34 director shall forward to the Indiana grain indemnity fund board of
1610	1610	35 directors a list of the claimants who are owed money and the balance
1611	1611	36 difference between the amount that the claimant was paid and the
1612	1612	37 amount that the claimant claims to be due each claimant along with
1613	1613	38 a copy of the final order.
1614	1614	39 SECTION 26. IC 26-3-7-16.8, AS AMENDED BY P.L.145-2017,
1615	1615	40 SECTION 8, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
1616	1616	41 JULY 1, 2025]: Sec. 16.8. (a) A lien against all grain assets of a
1617	1617	42 licensee or a person who is required to be licensed under this chapter
1618	1618	2025 IN 1419—LS 7600/DI 150 38
1619	1619	1 attaches in favor of the following:
1620	1620	2 (1) A lender or other claimant that has a receipt for grain owned
1621	1621	3 or stored by the licensee.
1622	1622	4 (2) A claimant that has a ticket or written evidence, other than a
1623	1623	5 receipt, of a storage obligation of the licensee.
1624	1624	6 (3) A claimant that surrendered a receipt as part of a grain sales
1625	1625	7 transaction if:
1626	1626	8 (A) the claimant was not fully paid for the grain sold; and
1627	1627	9 (B) the licensee failed has had the licensee's license revoked
1628	1628	10 less than twenty-one (21) days after the surrender of the
1629	1629	11 receipt.
1630	1630	12 (4) A claimant that has other written evidence of a sale to the
1631	1631	13 licensee of grain for which the claimant has not been fully paid.
1632	1632	14 (b) A lien under this section attaches and is effective at the earliest
1633	1633	15 of the following:
1634	1634	16 (1) the delivery of the grain for sale, storage, or under a bailment;
1635	1635	17 (2) the commencement of the storage obligation; or
1636	1636	18 (3) the advancement of funds by a lender.
1637	1637	19 (c) A lien under this section terminates when the licensee discharges
1638	1638	20 the claim.
1639	1639	21 (d) If a licensee has failed, had the licensee's license revoked, the
1640	1640	22 lien that attaches under this section is assigned to the agency by
1641	1641	23 operation of this section. If a failed licensee whose license has been
1642	1642	24 revoked is liquidated, a lien under this section continues to attach as
1643	1643	25 a claim against the assets or proceeds of the assets of the licensee that
1644	1644	26 are received or liquidated by the agency.
1645	1645	27 (e) Except as provided in subsection (h), if a licensee has failed, has
1646	1646	28 had the licensee's license revoked, the power to enforce the lien on
1647	1647	29 the licensee's grain assets transfers by operation of this section to the
1648	1648	30 director and rests exclusively with the director who shall allocate and
1649	1649	31 prorate the proceeds of the grain assets as provided in subsections (g)
1650	1650	32 and (i).
1651	1651	33 (f) The lien established under this section has priority over all
1652	1652	34 competing lien claims asserted against the licensee's grain assets.
1653	1653	35 (g) The priority of a lien that attaches under this section is not
1654	1654	36 determined by the date on which the claim arose. If a licensee has
1655	1655	37 failed, licensee's license has been revoked, the director shall enforce
1656	1656	38 lien claims and allocate grain assets and the proceeds of grain assets of
1657	1657	39 the licensee in the following order of priority:
1658	1658	40 (1) First priority is assigned to the following:
1659	1659	41 (A) A lender or other claimant that has a receipt for grain
1660	1660	42 owned or stored by the licensee.
1661	1661	2025 IN 1419—LS 7600/DI 150 39
1662	1662	1 (B) A claimant that has a ticket or written evidence, other than
1663	1663	2 a receipt, of a storage obligation of the licensee.
1664	1664	3 (C) A claimant that surrendered a receipt as part of a grain
1665	1665	4 sales transaction if:
1666	1666	5 (i) the claimant was not fully paid for the grain sold; and
1667	1667	6 (ii) the licensee failed has had the licensee's license
1668	1668	7 revoked less than twenty-one (21) days after the surrender
1669	1669	8 of the receipt.
1670	1670	9 If there are insufficient grain assets to satisfy all first priority
1671	1671	10 claims, first priority claimants shall share pro rata in the assets.
1672	1672	11 (2) Second priority is assigned to all claimants who have written
1673	1673	12 evidence of the sale of grain, such as a ticket, a deferred pricing
1674	1674	13 agreement, or similar grain delivery contract, and who completed
1675	1675	14 delivery less than thirty (30) days before the licensee's failure.
1676	1676	15 revocation of the licensee's license. Claimants under this
1677	1677	16 subdivision share pro rata in the remaining assets if all claimants
1678	1678	17 under subdivision (1) have been paid but insufficient assets
1679	1679	18 remain to fully satisfy all claimants under this subdivision.
1680	1680	19 (3) Third priority is assigned to all other claimants that have
1681	1681	20 written evidence of the sale of grain to the failed revoked license
1682	1682	21 of the licensee. Claimants under this subdivision share pro rata in
1683	1683	22 the distribution of the remaining grain assets.
1684	1684	23 (h) If a claimant under this section brings an action to recover grain
1685	1685	24 assets that are subject to a lien under this section and the agency does
1686	1686	25 not join the action, the director shall, upon request of the claimant,
1687	1687	26 assign the lien to the claimant in order to allow the claimant to pursue
1688	1688	27 the claim to the extent that the action does not delay the resolution of
1689	1689	28 the matter by the agency, the prompt liquidation of the assets, or the
1690	1690	29 ultimate distribution of assets to all claimants.
1691	1691	30 (i) If:
1692	1692	31 (1) a claimant engaged in farming operations granted to one (1)
1693	1693	32 or more secured parties one (1) or more security interests in the
1694	1694	33 grain related to the claimant's claim under this section; and
1695	1695	34 (2) one (1) or more secured parties described in subdivision (1)
1696	1696	35 have given to:
1697	1697	36 (A) the licensee prior written notice of the security interest
1698	1698	37 under IC 26-1-9.1-320(a)(1) or IC 26-1-9-307(1)(a) before its
1699	1699	38 repeal; and
1700	1700	39 (B) the director prior written notice of the security interest
1701	1701	40 with respect to the grain described in subdivision (1) sufficient
1702	1702	41 to give the director a reasonable opportunity to cause the
1703	1703	42 issuance of a joint check under this subsection;
1704	1704	2025 IN 1419—LS 7600/DI 150 40
1705	1705	1 the director shall pay the claimant described in subdivision (1) the
1706	1706	2 portion of the proceeds of grain assets under subsection (e) to which
1707	1707	3 the claimant is entitled under this section by issuance of a check
1708	1708	4 payable jointly to the order of the claimant and any secured party
1709	1709	5 described in subdivision (1) who has given the notices described in
1710	1710	6 subdivision (2). If only one (1) secured party described in subdivision
1711	1711	7 (1) is a payee, the rights of the secured party in the check shall be to the
1712	1712	8 extent of the indebtedness of the claimant to the secured party. If two
1713	1713	9 (2) or more secured parties described in subdivision (1) are payees, the
1714	1714	10 nature, extent, and priority of their respective rights in the check are
1715	1715	11 determined in the same manner as the nature, extent, and priority of
1716	1716	12 their respective security interest under IC 26-1-9.1.
1717	1717	13 SECTION 27. IC 26-3-7-17.1, AS AMENDED BY P.L.145-2017,
1718	1718	14 SECTION 9, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
1719	1719	15 JULY 1, 2025]: Sec. 17.1. (a) Whenever the director, as a result of an
1720	1720	16 inspection or otherwise, has reasonable cause to believe that a person
1721	1721	17 to which this chapter is or may be applicable:
1722	1722	18 (1) is conducting business contrary to this chapter or in an
1723	1723	19 unauthorized manner; or
1724	1724	20 (2) has failed, neglected, or refused to observe or comply with any
1725	1725	21 order, rule, or published policy statement of the agency;
1726	1726	22 then the director may undertake any one (1) of the actions prescribed
1727	1727	23 by this section.
1728	1728	24 (b) Upon learning of the possibility that a licensee is acting as
1729	1729	25 described in subsection (a), the director or the director's designated
1730	1730	26 representative may seek an informal meeting with the licensee. At that
1731	1731	27 meeting, which shall must be held at a time and place agreed to by the
1732	1732	28 licensee and the director, the director or the director's designated
1733	1733	29 representative shall discuss the possible violations and may enter into
1734	1734	30 a consent agreement with the licensee under which the licensee agrees
1735	1735	31 to undertake, or to cease, the activities that were the subject of the
1736	1736	32 meeting. The consent agreement may must:
1737	1737	33 (1) provide for a time frame within which the licensee must be in
1738	1738	34 compliance; and
1739	1739	35 (2) state in detail the requirements that must be met to be in
1740	1740	36 compliance, including the requirements under section 31.2(b)
1741	1741	37 of this chapter.
1742	1742	38 (c) Upon learning of the possibility that a person is acting as
1743	1743	39 described in subsection (a), the director or the director's designated
1744	1744	40 representative, except as otherwise provided in this subsection, shall
1745	1745	41 hold a hearing to determine whether a cease and desist order should
1746	1746	42 issue against a licensee or an unlicensed person undertaking activities
1747	1747	2025 IN 1419—LS 7600/DI 150 41
1748	1748	1 covered by this chapter. If the director or the director's designated
1749	1749	2 representative determines that the violation or the prohibited practice
1750	1750	3 is likely to cause immediate insolvency or irreparable harm to
1751	1751	4 depositors, the director or the director's designated representative,
1752	1752	5 without notice, may shall issue a temporary cease and desist order
1753	1753	6 requiring the person to cease and desist from that violation or practice.
1754	1754	7 The order shall become effective upon service on the person and shall
1755	1755	8 remain effective and enforceable pending the completion of all
1756	1756	9 administrative proceedings.
1757	1757	10 (d) Upon a determination, after a hearing held by the director or the
1758	1758	11 director's designated representative, that a person is acting as described
1759	1759	12 in subsection (a), the director may suspend, shall revoke or deny a
1760	1760	13 license. If the director suspends, revokes or denies a license, the
1761	1761	14 director shall publish notice of the suspension, revocation or denial as
1762	1762	15 provided in section 17.5 of this chapter.
1763	1763	16 (e) If the director has reasonable cause to believe that a licensee is
1764	1764	17 acting as described in subsection (a) and determines that immediate
1765	1765	18 action without an opportunity for a hearing is necessary in order to
1766	1766	19 safeguard depositors, the director may suspend a license temporarily
1767	1767	20 without a hearing for a period not to exceed twenty (20) days. When a
1768	1768	21 license is suspended without a hearing, the director or the director's
1769	1769	22 designated representative shall grant an opportunity for a hearing as
1770	1770	23 soon as possible.
1771	1771	24 SECTION 28. IC 26-3-7-17.5, AS AMENDED BY P.L.60-2015,
1772	1772	25 SECTION 12, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
1773	1773	26 JULY 1, 2025]: Sec. 17.5. (a) Whenever the license of a licensee is
1774	1774	27 suspended or revoked, the director shall:
1775	1775	28 (1) for each facility operated by the licensee, publish a public
1776	1776	29 notice in a newspaper of general circulation that serves the county
1777	1777	30 in which the facility is located; and
1778	1778	31 (2) cause notice of the suspension or revocation to be posted at
1779	1779	32 the facilities covered by the license.
1780	1780	33 (b) Whenever an application for licensure under this chapter is
1781	1781	34 denied, the director may:
1782	1782	35 (1) for each facility operated by the applicant, publish a public
1783	1783	36 notice in a newspaper of general circulation that serves the county
1784	1784	37 in which the facility is located; and
1785	1785	38 (2) cause notice of the denial to be posted at the applicant's
1786	1786	39 facilities.
1787	1787	40 (c) A notice posted under this section may not be removed without
1788	1788	41 the written permission of the director.
1789	1789	42 (d) The director shall adopt rules under IC 4-22-2 to determine the
1790	1790	2025 IN 1419—LS 7600/DI 150 42
1791	1791	1 content of the notices required by this section.
1792	1792	2 SECTION 29. IC 26-3-7-18 IS AMENDED TO READ AS
1793	1793	3 FOLLOWS [EFFECTIVE JULY 1, 2025]: Sec. 18. (a) When a license
1794	1794	4 is revoked, the licensee shall terminate in the manner prescribed by the
1795	1795	5 director all arrangements covering the grain in the facility covered by
1796	1796	6 the license, but shall be permitted, under the direction and supervision
1797	1797	7 of the director or the director's designated representative, to deliver
1798	1798	8 grain previously received.
1799	1799	9 (b) During any suspension of a license, the licensee may, under the
1800	1800	10 direction and supervision of the director or the director's designated
1801	1801	11 representative, operate the facility, but shall not incur any additional
1802	1802	12 obligations to producers.
1803	1803	13 SECTION 30. IC 26-3-7-26 IS AMENDED TO READ AS
1804	1804	14 FOLLOWS [EFFECTIVE JULY 1, 2025]: Sec. 26. Every ticket issued
1805	1805	15 shall embody within its terms:
1806	1806	16 (1) the name of the licensee to whom the grain was delivered;
1807	1807	17 (2) the date the grain was delivered;
1808	1808	18 (3) exact information concerning the type, net weight, and grade
1809	1809	19 factors of the grain received;
1810	1810	20 (4) a statement that the grain described in the ticket is to be taken
1811	1811	21 into storage, is being delivered on contract, or is to be sold under
1812	1812	22 other arrangements;
1813	1813	23 (5) the name of the owner of the grain; and
1814	1814	24 (6) other provisions prescribed by the director.
1815	1815	25 The director may adopt rules under IC 4-22-2 to exempt certain types
1816	1816	26 of grain from these requirements.
1817	1817	27 SECTION 31. IC 26-3-7-26.5, AS ADDED BY P.L.208-2021,
1818	1818	28 SECTION 6, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
1819	1819	29 JULY 1, 2025]: Sec. 26.5. (a) Beginning after July 1, 2022, A licensee
1820	1820	30 may not:
1821	1821	31 (1) enter into a deferred pricing agreement in connection with
1822	1822	32 grain purchases that extends beyond the crop year for the
1823	1823	33 delivered grain; or
1824	1824	34 (2) transfer the deferred pricing agreement to a new contract
1825	1825	35 beyond the crop year for the delivered grain.
1826	1826	36 (b) If the deferred pricing agreement in connection with a grain
1827	1827	37 purchase was entered into before July 1, 2021, the licensee shall
1828	1828	38 complete the licensee's payment obligations to the seller under the
1829	1829	39 agreement before January 1, 2024. The determined price date of a
1830	1830	40 deferred pricing agreement shall be:
1831	1831	41 (1) the determined price date set forth in the deferred pricing
1832	1832	42 agreement, if that date occurs before January 1, 2024;
1833	1833	2025 IN 1419—LS 7600/DI 150 43
1834	1834	1 (2) if subdivision (1) does not apply, a determined price date that
1835	1835	2 is mutually agreed to by the licensee and the seller; or
1836	1836	3 (3) if subdivisions (1) and (2) do not apply, the date on which the
1837	1837	4 licensee completes the licensee's payment obligations to the
1838	1838	5 seller.
1839	1839	6 (c) If the director or director's designated representative determines
1840	1840	7 that the licensee has not complied with this section, the director shall
1841	1841	8 issue a notice stating that the licensee has thirty (30) days to price grain
1842	1842	9 for the initial deferred pricing agreement.
1843	1843	10 (d) If a licensee fails to price grain within thirty (30) days of the
1844	1844	11 notice in subsection (c), the director may impose a fine on the licensee
1845	1845	12 of not more than one thousand dollars ($1,000). Fines collected under
1846	1846	13 this section must be deposited in the grain buyers and warehouse
1847	1847	14 licensing agency license fee fund established by section 6.3 of this
1848	1848	15 chapter.
1849	1849	16 (e) Notwithstanding section 17.1 of this chapter, if a licensee fails
1850	1850	17 to price grain within sixty (60) days of the date of the notice in
1851	1851	18 subsection (c), the director may impose a fine on the licensee of not
1852	1852	19 more than two thousand five hundred dollars ($2,500) per month until
1853	1853	20 the licensee is in compliance with this section.
1854	1854	21 SECTION 32. IC 26-3-7-27.5 IS ADDED TO THE INDIANA
1855	1855	22 CODE AS A NEW SECTION TO READ AS FOLLOWS
1856	1856	23 [EFFECTIVE JULY 1, 2025]: Sec. 27.5. (a) For purposes of this
1857	1857	24 section, the following apply:
1858	1858	25 (1) "Unencumbered assets" means a licensee's unencumbered
1859	1859	26 assets as demonstrated by the agency's inspection of the
1860	1860	27 licensee's books and records.
1861	1861	28 (2) "Unpaid balance of grain payables" means a licensee's
1862	1862	29 unpaid balance of grain payables demonstrated by the
1863	1863	30 agency's inspection of the licensee's books and records.
1864	1864	31 (b) If an on-premises inspection of a licensee's books and
1865	1865	32 records demonstrates that the licensee, as of the time of the
1866	1866	33 inspection, did not have unencumbered assets with a value at least
1867	1867	34 equal to eighty-five percent (85%) of the unpaid balance of grain
1868	1868	35 payables covered by each license held by the licensee, then:
1869	1869	36 (1) the director or the director's designated representative
1870	1870	37 shall issue a notice of deficiency to the licensee; and
1871	1871	38 (2) the licensee shall cure the unencumbered asset deficiency
1872	1872	39 within ninety (90) days from the receipt of the notice.
1873	1873	40 (c) Unencumbered assets may consist of the aggregate of any of
1874	1874	41 the following:
1875	1875	42 (1) Company owned grain.
1876	1876	2025 IN 1419—LS 7600/DI 150 44
1877	1877	1 (2) Cash on hand.
1878	1878	2 (3) Cash held on account in federally or state licensed
1879	1879	3 financial institutions or in lending institutions of the Federal
1880	1880	4 Farm Credit Administration.
1881	1881	5 (4) Investments held in time accounts with federally or state
1882	1882	6 licensed financial institutions.
1883	1883	7 (5) Direct obligations of the United States government.
1884	1884	8 (6) Balances in grain margin accounts determined by marking
1885	1885	9 to market.
1886	1886	10 (7) Balances due or to become due to the licensee on deferred
1887	1887	11 pricing contracts.
1888	1888	12 (8) Marketable securities, including mutual funds.
1889	1889	13 (9) Irrevocable letters of credit that:
1890	1890	14 (A) comply with the requirements of this chapter; and
1891	1891	15 (B) are in addition to any letter of credit filed with the
1892	1892	16 director to satisfy the deposit, bond, or other security
1893	1893	17 requirements of this chapter.
1894	1894	18 (10) Deferred pricing contract service charges due or to
1895	1895	19 become due to the licensee.
1896	1896	20 (11) Other evidence of proceeds from or of grain that is
1897	1897	21 acceptable to the agency.
1898	1898	22 (12) Seed inventory.
1899	1899	23 (13) Other assets that the agency may include in rules adopted
1900	1900	24 under section 38 of this chapter.
1901	1901	25 (d) If a licensee has more than one (1) license, the
1902	1902	26 unencumbered assets at the time of the inspections under
1903	1903	27 subsection (b) must have a value at least equal to the sum of the
1904	1904	28 amounts required under subsection (b) for each individual license
1905	1905	29 held by the licensee.
1906	1906	30 (e) If the licensee's demonstrated current unencumbered assets
1907	1907	31 is less than or equal to eighty-five percent (85%) of the required
1908	1908	32 amount or the licensee has not cured the unencumbered assets
1909	1909	33 deficiency as required in subsection (b)(2), then the director shall
1910	1910	34 hold a private hearing in accordance with this chapter and issue an
1911	1911	35 order within thirty (30) days of the conclusion of the hearing that:
1912	1912	36 (1) requires the licensee to take certain actions within a set
1913	1913	37 period, not to exceed fifteen (15) months, to remedy the
1914	1914	38 current unencumbered assets deficiency, as the director
1915	1915	39 deems necessary and appropriate; or
1916	1916	40 (2) revokes the license or licenses of the licensee effective
1917	1917	41 immediately.
1918	1918	42 (f) If a licensee, after a hearing in subsection (e):
1919	1919	2025 IN 1419—LS 7600/DI 150 45
1920	1920	1 (1) does not meet the requirements in subsection (e)(1); or
1921	1921	2 (2) has an unencumbered asset deficiency that has continued
1922	1922	3 to decline;
1923	1923	4 the director may revoke the license or licenses of the licensee
1924	1924	5 immediately without an additional hearing.
1925	1925	6 (g) Subject to section 31.8 of this chapter, the director shall
1926	1926	7 assess a fine of one thousand dollars ($1,000) on a licensee who
1927	1927	8 does not maintain the unencumbered asset requirement under
1928	1928	9 subsection (b).
1929	1929	10 (h) Nothing in this section precludes the agency from conducting
1930	1930	11 an on-premises inspection of a licensee at any time the director
1931	1931	12 may consider an inspection to be necessary or appropriate.
1932	1932	13 SECTION 33. IC 26-3-7-28 IS AMENDED TO READ AS
1933	1933	14 FOLLOWS [EFFECTIVE JULY 1, 2025]: Sec. 28. A licensee shall
1934	1934	15 keep in a place of safety complete and correct records and accounts
1935	1935	16 pertaining to the licensee's grain business. The licensee shall retain
1936	1936	17 records and accounts for not less than six (6) five (5) years from the
1937	1937	18 date of the final settlement of the transaction.
1938	1938	19 SECTION 34. IC 26-3-7-30, AS AMENDED BY P.L.64-2009,
1939	1939	20 SECTION 9, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
1940	1940	21 JULY 1, 2025]: Sec. 30. All receipt forms shall be supplied by the
1941	1941	22 director except where the director, in writing, approves the form and
1942	1942	23 gives permission to a warehouse operator to have receipts printed.
1943	1943	24 Requests for receipts shall be on forms furnished by the director and
1944	1944	25 shall be accompanied by payment to cover the estimated cost of
1945	1945	26 printing, packaging, and shipping, as determined by the director.
1946	1946	27 Where privately printed, the printer shall furnish the director an
1947	1947	28 affidavit showing the amount of the receipts printed, and the serial
1948	1948	29 numbers thereof. All receipts remaining unused shall be recovered by
1949	1949	30 the director or the director's designated representative if the license
1950	1950	31 required by this chapter is terminated or suspended. revoked.
1951	1951	32 SECTION 35. IC 26-3-7-31, AS AMENDED BY P.L.145-2017,
1952	1952	33 SECTION 10, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
1953	1953	34 JULY 1, 2025]: Sec. 31. (a) Whenever it appears to the satisfaction of
1954	1954	35 the director that a licensee cannot meet the licensee's outstanding grain
1955	1955	36 obligations owed to depositors, or when a licensee refuses to submit the
1956	1956	37 licensee's records or property to lawful inspection, the director may
1957	1957	38 shall give notice to the licensee to do any one (1) or more of the
1958	1958	39 following:
1959	1959	40 (1) Cover the shortage with grain that is fully paid for.
1960	1960	41 (2) Give additional bond, letter of credit, or cash deposit as
1961	1961	42 required by the director.
1962	1962	2025 IN 1419—LS 7600/DI 150 46
1963	1963	1 (3) Submit to inspection as the director may deem necessary.
1964	1964	2 (b) If the licensee fails to comply with the terms of the notice within
1965	1965	3 five (5) business days from the date of its issuance, or within an
1966	1966	4 extension of time that the director may allow, the director may petition
1967	1967	5 the circuit court, superior court, or probate court of the Indiana county
1968	1968	6 where the licensee's principal place of business is located seeking the
1969	1969	7 appointment of a receiver. If the court determines in accordance with
1970	1970	8 IC 32-30-5 that a receiver should be appointed, upon the request of the
1971	1971	9 licensee the court may appoint the agency or its representative to act as
1972	1972	10 receiver. The agency or its representative shall may not be appointed
1973	1973	11 as receiver except upon the request of the licensee. If the agency or its
1974	1974	12 representative is appointed, any person interested in an action as
1975	1975	13 described in IC 32-30-5-2 may after twenty (20) days request that the
1976	1976	14 agency or its representative be removed as receiver. If the agency or its
1977	1977	15 representative is not serving as receiver, the receiver appointed shall
1978	1978	16 meet and confer with representatives of the agency regarding the
1979	1979	17 licensee's grain related obligations and, before taking any actions
1980	1980	18 regarding those obligations, the receiver and the court shall consider
1981	1981	19 the agency's views and comments.
1982	1982	20 (c) The director shall inform the corporation of any:
1983	1983	21 (1) notice or order issued; or
1984	1984	22 (2) action taken;
1985	1985	23 under this section.
1986	1986	24 SECTION 36. IC 26-3-7-31.2 IS ADDED TO THE INDIANA
1987	1987	25 CODE AS A NEW SECTION TO READ AS FOLLOWS
1988	1988	26 [EFFECTIVE JULY 1, 2025]: Sec. 31.2. (a) If the director
1989	1989	27 determines that an informal meeting under this section is necessary
1990	1990	28 or appropriate, the following procedures apply:
1991	1991	29 (1) The director shall send a notice of an informal meeting to
1992	1992	30 the licensee. The notice shall set forth:
1993	1993	31 (A) Each reason underlying the director's determination
1994	1994	32 that an informal meeting is necessary.
1995	1995	33 (B) The subject matter to be discussed at the informal
1996	1996	34 meeting.
1997	1997	35 (C) A place and time mutually agreed upon, within thirty
1998	1998	36 (30) days of the date of the notice.
1999	1999	37 (D) If appropriate, any documents, information, or other
2000	2000	38 materials to be produced in a manner and at a time and
2001	2001	39 place designated in the notice.
2002	2002	40 (2) The director and the recipient may, at any time before an
2003	2003	41 informal meeting, hold a telephone conference or other
2004	2004	42 informal discussion as necessary to determine the location,
2005	2005	2025 IN 1419—LS 7600/DI 150 47
2006	2006	1 date, and time of the informal meeting.
2007	2007	2 (3) An informal meeting under this section must be conducted
2008	2008	3 in person or via a virtual conference with audio, video, and
2009	2009	4 the ability to share, review, and edit documents or other
2010	2010	5 materials in real time.
2011	2011	6 (4) Minutes summarizing the topics and points discussed,
2012	2012	7 including proposed agreements or remedial actions raised or
2013	2013	8 discussed by the informal meeting participants, must be taken
2014	2014	9 by the agency. A copy of the minutes and any other materials
2015	2015	10 from the informal meeting must be distributed to all
2016	2016	11 participants within five (5) days of the informal meeting.
2017	2017	12 (b) A consent agreement may be entered into by the agency and
2018	2018	13 the licensee in which the licensee agrees to take or refrain from
2019	2019	14 certain actions in relation to the subject matter of the informal
2020	2020	15 meeting. Any consent agreement at a minimum must contain the
2021	2021	16 following:
2022	2022	17 (1) Specific description of the underlying facts giving rise to
2023	2023	18 the consent agreement.
2024	2024	19 (2) Specific steps to be taken by the licensee to rectify or
2025	2025	20 address the subject matter of the informal meeting.
2026	2026	21 (3) Specific deadlines or periods by or within which the
2027	2027	22 licensee is to act, refrain from acting, or perform under the
2028	2028	23 consent agreement.
2029	2029	24 (4) Specific deadlines by which the licensee is to notify the
2030	2030	25 agency that the licensee has performed, in whole or in part,
2031	2031	26 under the consent agreement and, as applicable, that the
2032	2032	27 licensee believes it has addressed the subject matter of the
2033	2033	28 informal meeting.
2034	2034	29 (5) Specific acts or omissions that will constitute a breach of
2035	2035	30 the agreement and specific remedies available to the agency
2036	2036	31 and the licensee to address a breach of the agreement.
2037	2037	32 (c) The existence and content of an informal meeting under
2038	2038	33 subsection (a), along with the minutes of the meeting and any other
2039	2039	34 related documents, information, or material, and a consent
2040	2040	35 agreement under subsection (b) is confidential.
2041	2041	36 SECTION 37. IC 26-3-7-31.4 IS ADDED TO THE INDIANA
2042	2042	37 CODE AS A NEW SECTION TO READ AS FOLLOWS
2043	2043	38 [EFFECTIVE JULY 1, 2025]: Sec. 31.4. (a) If the director
2044	2044	39 determines that an enforcement action under this chapter is
2045	2045	40 necessary or appropriate, the director may initiate an enforcement
2046	2046	41 action by complying with the following concerning a licensee or
2047	2047	42 other person to which this chapter is or may be applicable:
2048	2048	2025 IN 1419—LS 7600/DI 150 48
2049	2049	1 (1) Providing a notice that must include the following:
2050	2050	2 (A) Each reason underlying the director's determination
2051	2051	3 that a hearing is necessary.
2052	2052	4 (B) The subject matter of the hearing.
2053	2053	5 (C) The location, date, and time of the hearing, which must
2054	2054	6 be at least twenty-one (21) days from receipt of the notice
2055	2055	7 of hearing by the respondent.
2056	2056	8 (2) Providing a corrective plan that complies with the
2057	2057	9 following requirements:
2058	2058	10 (A) Specific description of the underlying facts giving rise
2059	2059	11 to the corrective plan and any relevant procedural history
2060	2060	12 leading to the notice of hearing.
2061	2061	13 (B) Specific steps to be taken by the licensee or person to
2062	2062	14 rectify or otherwise address the subject matter of the
2063	2063	15 notice of hearing.
2064	2064	16 (C) Specific deadlines or periods by or within which the
2065	2065	17 licensee or person is to act, refrain from acting, or perform
2066	2066	18 under the corrective plan.
2067	2067	19 (D) Specific deadlines by which the licensee or person is to
2068	2068	20 notify the agency that the licensee or person has performed
2069	2069	21 under the corrective plan and, as applicable, that the
2070	2070	22 licensee or person believes it has addressed the subject
2071	2071	23 matters of the notice of hearing.
2072	2072	24 (E) Specific acts or omissions that will constitute a breach
2073	2073	25 of the corrective plan and specific remedies available to the
2074	2074	26 agency to address a breach of the corrective plan.
2075	2075	27 (3) The date when the executed corrective plan must be
2076	2076	28 returned to receive the benefit from this section.
2077	2077	29 (4) If appropriate, any documents, information, or other
2078	2078	30 materials to be produced by the respondent in a manner and
2079	2079	31 at a time and place designated in the notice.
2080	2080	32 If the respondent accepts and agrees to timely and fully perform
2081	2081	33 the corrective plan under subdivision (2), the director shall cancel
2082	2082	34 the hearing and send a notice of hearing cancellation to the
2083	2083	35 respondent.
2084	2084	36 (b) If the director determines the licensee has not complied
2085	2085	37 completely with the corrective action plan then the director shall
2086	2086	38 set a hearing as set forth in subsection (a).
2087	2087	39 (c) At the hearing under this section the respondent or the
2088	2088	40 respondent's authorized representative or agent shall appear in
2089	2089	41 person at the location designated in the notice.
2090	2090	42 (d) The director shall personally preside over the hearing and
2091	2091	2025 IN 1419—LS 7600/DI 150 49
2092	2092	1 may examine and take testimony from the respondent, the
2093	2093	2 respondent's authorized representative, or witnesses the
2094	2094	3 respondent or the agency may call.
2095	2095	4 (e) If the respondent fails to appear at the hearing, the director
2096	2096	5 may enter a finding of default against the respondent and issue an
2097	2097	6 order granting the agency any relief authorized under this chapter,
2098	2098	7 including revocation of the respondent's licenses.
2099	2099	8 (f) If the agency issues an order after a hearing, the order must,
2100	2100	9 at a minimum, contain the following:
2101	2101	10 (1) A specific description of the underlying facts giving rise to
2102	2102	11 the hearing, and the evidence adduced at the hearing or
2103	2103	12 considered by the director.
2104	2104	13 (2) A recitation of the procedural history before the hearing.
2105	2105	14 (3) Specific findings of fact on the subject matters of the
2106	2106	15 hearing.
2107	2107	16 (4) Specific conclusions or rulings on the subject matters of
2108	2108	17 the hearing, including whether or how the respondent failed
2109	2109	18 to comply with the requirements of this chapter.
2110	2110	19 (5) Specific consequences imposed on or actions required of
2111	2111	20 the respondent by the order, including the revocation of one
2112	2112	21 (1) or more licenses.
2113	2113	22 (6) Specific steps to be taken by the respondent to rectify or
2114	2114	23 address the subject matter of the hearing or to implement the
2115	2115	24 terms of the order.
2116	2116	25 (7) Specific deadlines or periods by or within which the
2117	2117	26 respondent is to implement and otherwise comply with the
2118	2118	27 order.
2119	2119	28 (8) Specific deadlines by which the respondent is to notify the
2120	2120	29 agency that the respondent has complied with the order.
2121	2121	30 (9) Specific consequences for a failure by the respondent to
2122	2122	31 comply with the order, including future hearings or any other
2123	2123	32 relief against the respondent authorized under this chapter.
2124	2124	33 (g) Notice and a copy of an order issued under this section must
2125	2125	34 be issued to the respondent within five (5) days of the date the
2126	2126	35 order.
2127	2127	36 (h) Failure to comply with an order issued under this section
2128	2128	37 may result in the immediate revocation of the respondent's license
2129	2129	38 without any further notice or hearing. However, the order may
2130	2130	39 provide for further hearings or any other relief or actions
2131	2131	40 authorized under this chapter so that the director may ensure the
2132	2132	41 order is implemented and enforced.
2133	2133	42 SECTION 38. IC 26-3-7-31.6 IS ADDED TO THE INDIANA
2134	2134	2025 IN 1419—LS 7600/DI 150 50
2135	2135	1 CODE AS A NEW SECTION TO READ AS FOLLOWS
2136	2136	2 [EFFECTIVE JULY 1, 2025]: Sec. 31.6. (a) The director may revoke
2137	2137	3 a license by issuing a revocation order upon notice and a hearing
2138	2138	4 held in compliance with the requirements of this chapter.
2139	2139	5 (b) If a license is revoked under this chapter, the licensee shall:
2140	2140	6 (1) Immediately cease all activities covered by the revoked
2141	2141	7 license.
2142	2142	8 (2) Immediately remove all public indications regarding the
2143	2143	9 existence or effectiveness of the revoked license, including the
2144	2144	10 copy of the license physically on display at a facility.
2145	2145	11 (3) Promptly turn over and deliver to the director or the
2146	2146	12 director's designated representative all books, records, and
2147	2147	13 other property related to or containing information on the
2148	2148	14 activities and any obligations covered by the revoked license.
2149	2149	15 (4) Comply with any additional terms and conditions
2150	2150	16 determined by the director that the revocation order imposes
2151	2151	17 on the licensee.
2152	2152	18 (5) Comply with the orders from the director respecting the
2153	2153	19 revoked license, any obligations or activities covered by the
2154	2154	20 revoked license, or the claims administration process.
2155	2155	21 (c) Notwithstanding anything to the contrary in this chapter, a
2156	2156	22 license shall be revoked automatically, without notice and a
2157	2157	23 hearing, if the licensee has done any of, and as of the respective
2158	2158	24 dates or times of, the following:
2159	2159	25 (1) Has filed a voluntary bankruptcy petition under Chapter
2160	2160	26 7 of the federal Bankruptcy Code, as of the date the licensee
2161	2161	27 filed the petition.
2162	2162	28 (2) Has filed:
2163	2163	29 (A) a voluntary bankruptcy petition under Chapter 11, 12,
2164	2164	30 or 13 of the federal Bankruptcy Code; and
2165	2165	31 (B) within seven (7) days of the filing of the petition, either:
2166	2166	32 (i) a liquidating plan not predicated or premised on a
2167	2167	33 prior sale process under Chapter 3 of the federal
2168	2168	34 Bankruptcy Code; or
2169	2169	35 (ii) an affidavit of an owner, member, director, officer,
2170	2170	36 or executive of the licensee stating that the licensee
2171	2171	37 intends to propose a liquidating plan without first
2172	2172	38 conducting a sale process under Chapter 3 of the federal
2173	2173	39 Bankruptcy Code;
2174	2174	40 as of the date the licensee filed the liquidating plan or
2175	2175	41 affidavit.
2176	2176	42 (3) Is the subject of an involuntary bankruptcy petition if the
2177	2177	2025 IN 1419—LS 7600/DI 150 51
2178	2178	1 bankruptcy court has entered an order for relief against the
2179	2179	2 licensee, as of the date and time of the order for relief.
2180	2180	3 (4) Is the subject of a receivership order in any state court, as
2181	2181	4 of the date and time of the receivership order.
2182	2182	5 (5) Is the assignor in an assignment for the benefit of creditors
2183	2183	6 in any state court, as of the date and time of the filing of
2184	2184	7 pleading initiating the proceeding.
2185	2185	8 (6) Is declared by any court of competent jurisdiction to be
2186	2186	9 insolvent, as of the date and time of the order so declaring.
2187	2187	10 (7) Has entered into an agreement obligating the licensee to
2188	2188	11 discontinue and liquidate its business, or the portion of its
2189	2189	12 business covered by the license, without legal or equitable
2190	2190	13 proceedings, as of the effective date of the agreement.
2191	2191	14 (8) Has stated publicly and in writing that it is in the process
2192	2192	15 of discontinuing its business, or the portion of its business
2193	2193	16 covered by the license, or will be liquidating immediately, as
2194	2194	17 of the date and time the writing is published or made widely
2195	2195	18 available.
2196	2196	19 SECTION 39. IC 26-3-7-31.8 IS ADDED TO THE INDIANA
2197	2197	20 CODE AS A NEW SECTION TO READ AS FOLLOWS
2198	2198	21 [EFFECTIVE JULY 1, 2025]: Sec. 31.8. (a) If a fine is assessed under
2199	2199	22 this chapter, the director shall issue a notice to the person or
2200	2200	23 licensee containing the following:
2201	2201	24 (1) The reasons the director assessed the fine, including
2202	2202	25 citations to the applicable provisions of this chapter under
2203	2203	26 which the fine has been assessed.
2204	2204	27 (2) The amount of the assessed fine.
2205	2205	28 (3) The requirement that assessed fine must be fully paid
2206	2206	29 within thirty (30) days of the notice being sent.
2207	2207	30 (4) The manners of payment acceptable to the agency and any
2208	2208	31 other necessary payment instructions.
2209	2209	32 (5) A full copy of this section.
2210	2210	33 (b) If a person or licensee fails to pay the assessed fine under
2211	2211	34 this section, the director may apply any penalty authorized in this
2212	2212	35 chapter, including revocation of a license.
2213	2213	36 SECTION 40. IC 26-3-7-32.5 IS ADDED TO THE INDIANA
2214	2214	37 CODE AS A NEW SECTION TO READ AS FOLLOWS
2215	2215	38 [EFFECTIVE JULY 1, 2025]: Sec. 32.5. If the director or the
2216	2216	39 director's designated representative is required or permitted to
2217	2217	40 give notice under this chapter, the notice must contain, in addition
2218	2218	41 to information or content required to be included in the notice
2219	2219	42 under this chapter requiring or establishing the notice:
2220	2220	2025 IN 1419—LS 7600/DI 150 52
2221	2221	1 (1) The date on which the notice is issued.
2222	2222	2 (2) The full name and contact information, including
2223	2223	3 telephone number and electronic mail address, for the
2224	2224	4 director, the director's designated representative, or the other
2225	2225	5 employee or agent of the agency responsible for the notice.
2226	2226	6 (3) The full name and contact information, as available to the
2227	2227	7 agency, for the recipient of the notice.
2228	2228	8 (4) The reasons for the notice, including the applicable
2229	2229	9 sections of this chapter under which the fine has been
2230	2230	10 assessed.
2231	2231	11 (5) Any deadlines or other times within which the recipient of
2232	2232	12 the notice may or must act under this chapter.
2233	2233	13 (6) A list of each person to whom the notice is being sent.
2234	2234	14 (7) A list of any enclosures included with the notice.
2235	2235	15 (8) The signature of the director, the director's designated
2236	2236	16 representative, or the other employee or agent of the agency
2237	2237	17 responsible for the notice.
2238	2238	18 SECTION 41. IC 26-3-7-34, AS AMENDED BY P.L.158-2013,
2239	2239	19 SECTION 295, IS AMENDED TO READ AS FOLLOWS
2240	2240	20 [EFFECTIVE JULY 1, 2025]: Sec. 34. (a) A person who knowingly or
2241	2241	21 intentionally violates or fails to comply with this chapter commits a
2242	2242	22 Class A misdemeanor. Each day a person violates this chapter
2243	2243	23 constitutes a separate violation.
2244	2244	24 (b) A person who knowingly or intentionally issues a receipt or
2245	2245	25 ticket, knowing that the grain for which the receipt or ticket is issued
2246	2246	26 has not been actually received at the licensed warehouse, commits a
2247	2247	27 Class A misdemeanor. A person who issues a duplicate, or additional
2248	2248	28 negotiable receipt for grain, knowing that a former negotiable receipt
2249	2249	29 for the same grain or any part of the grain is outstanding and
2250	2250	30 uncancelled, except in the case of a lost, stolen, or destroyed receipt, as
2251	2251	31 provided in section 24 of this chapter, commits a Class A
2252	2252	32 misdemeanor. A person who fraudulently represents, alters, or
2253	2253	33 counterfeits any license provided for in this chapter commits a Level
2254	2254	34 6 felony.
2255	2255	35 (c) Except in case of sale or other disposition of the grain in lawful
2256	2256	36 enforcement of the lien on grain that attaches under this chapter or on
2257	2257	37 a licensee's lawful termination of storage, shipping, or handling
2258	2258	38 agreements, or except as permitted by the rules adopted by the director
2259	2259	39 under IC 4-22-2 section 38 of this chapter to effectuate the purposes
2260	2260	40 of this chapter:
2261	2261	41 (1) a person who knowingly or intentionally delivers grain out of
2262	2262	42 a licensed facility, knowing that a negotiable receipt, the
2263	2263	2025 IN 1419—LS 7600/DI 150 53
2264	2264	1 negotiation of which would transfer the right of possession of the
2265	2265	2 grain is outstanding and uncancelled, without obtaining the
2266	2266	3 possession of the receipt at or before the time of delivery,
2267	2267	4 commits a Level 6 felony; and
2268	2268	5 (2) a person who knowingly or intentionally delivers grain out of
2269	2269	6 a licensed facility, knowing that a non-negotiable receipt or ticket
2270	2270	7 is outstanding and uncancelled, without the prior written approval
2271	2271	8 of the person lawfully entitled to delivery under the
2272	2272	9 non-negotiable receipt or ticket and without delivery being shown
2273	2273	10 on the appropriate records of the licensee, commits a Level 6
2274	2274	11 felony.
2275	2275	12 (d) A person who fraudulently issues a receipt, a ticket, or a weight
2276	2276	13 or grade certificate, knowing that it contains a false statement, or who
2277	2277	14 issues a receipt for grain owned solely or jointly by the person and does
2278	2278	15 not state the fact of the person's ownership in the receipt, commits a
2279	2279	16 Class A misdemeanor.
2280	2280	17 (e) A person who recklessly changes a receipt or ticket subsequent
2281	2281	18 to issuance, except for notation by the licensee of partial delivery,
2282	2282	19 commits a Class B misdemeanor.
2283	2283	20 (f) A person who knowingly or intentionally deposits grain to which
2284	2284	21 the person does not have title or upon which there is a lien or mortgage
2285	2285	22 and who accepts for the grain a receipt or ticket, without disclosing the
2286	2286	23 lack of title or the existence of the lien or mortgage, commits a Level
2287	2287	24 6 felony.
2288	2288	25 (g) A person commits a Class A misdemeanor who knowingly or
2289	2289	26 intentionally:
2290	2290	27 (1) engages in the business of being a grain buyer or operates a
2291	2291	28 warehouse without a valid license issued by the director;
2292	2292	29 (2) engages in the business of being a grain buyer or operates a
2293	2293	30 warehouse without a sufficient cash deposit, letter of credit, or
2294	2294	31 surety bond on file with and in a form approved by the director;
2295	2295	32 or
2296	2296	33 (3) engages in the business of being a grain buyer or operates a
2297	2297	34 warehouse while in violation of the rules adopted by the director.
2298	2298	35 (h) A person commits a Class A misdemeanor who willfully makes
2299	2299	36 or causes to be made a false entry or statement of fact in an application
2300	2300	37 or report filed with the director.
2301	2301	38 (i) A person who is not in compliance with section 3(a)(11) of this
2302	2302	39 chapter may be subject to a fine imposed by the agency of not more
2303	2303	40 than twenty thousand dollars ($20,000), or the suspension of the grain
2304	2304	41 buyer's license for not more than five (5) years, or both.
2305	2305	42 (j) (i) The director may suspend or revoke the license of a licensee
2306	2306	2025 IN 1419—LS 7600/DI 150 54
2307	2307	1 that uses an unlicensed facility to store or handle grain or commits
2308	2308	2 another violation of this chapter.
2309	2309	3 (j) The agency shall report a licensee that is suspected of a
2310	2310	4 criminal violation under this chapter to the county prosecuting
2311	2311	5 attorney or the attorney general.
2312	2312	6 SECTION 42. IC 26-3-7-38 IS ADDED TO THE INDIANA CODE
2313	2313	7 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
2314	2314	8 1, 2025]: Sec. 38. The director or agency may adopt rules under
2315	2315	9 IC 4-22-2 to carry out the purposes and intent of this chapter,
2316	2316	10 including the following:
2317	2317	11 (1) Inspections permitted under this chapter.
2318	2318	12 (2) The receipt and retention of cash deposits.
2319	2319	13 (3) The distribution of interest that may accrue from funds
2320	2320	14 held by the agency for the payment of claims.
2321	2321	15 (4) Acceptable terms for letters of credit.
2322	2322	16 (5) Fines for violations of this chapter.
2323	2323	17 SECTION 43. IC 26-3-7.5 IS ADDED TO THE INDIANA CODE
2324	2324	18 AS A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE
2325	2325	19 JULY 1, 2025]:
2326	2326	20 Chapter 7.5. Inspection of Grain Moisture Testing Equipment
2327	2327	21 Sec. 1. As used in this chapter, "agency" refers to the Indiana
2328	2328	22 grain buyers and warehouse licensing agency.
2329	2329	23 Sec. 2. As used in this chapter, "director" means the director of
2330	2330	24 the Indiana grain buyers and warehouse licensing agency.
2331	2331	25 Sec. 3. The director or the director's designated representative
2332	2332	26 shall, at least one (1) time each year, inspect and test all equipment
2333	2333	27 used to test the moisture content of grain purchased from
2334	2334	28 producers.
2335	2335	29 Sec. 4. Each piece of equipment that is tested under this chapter
2336	2336	30 and found to be accurate according to rules or standards
2337	2337	31 prescribed by the United States Department of Agriculture and the
2338	2338	32 agency must bear a seal issued by the office of the director that
2339	2339	33 contains the following information:
2340	2340	34 (1) A statement that the equipment has been tested for
2341	2341	35 accuracy.
2342	2342	36 (2) The date of inspection.
2343	2343	37 (3) The expiration date of the seal.
2344	2344	38 Sec. 5. If an inspection facilitated by the agency results in a
2345	2345	39 failure in a moisture meter, the inspected entity must take the
2346	2346	40 following actions:
2347	2347	41 (1) Have the failed meter calibrated by an entity accepted by
2348	2348	42 the agency.
2349	2349	2025 IN 1419—LS 7600/DI 150 55
2350	2350	1 (2) File a receipt with the agency showing the inspected entity
2351	2351	2 has corrected the failed moisture meter.
2352	2352	3 (3) Receive approval from agency.
2353	2353	4 Sec. 6. (a) The director or the director's designated
2354	2354	5 representative shall charge each inspection site a two hundred
2355	2355	6 dollar ($200) fee for each moisture testing device inspected at the
2356	2356	7 inspection site under this chapter.
2357	2357	8 (b) All fees collected under this section must be deposited in the
2358	2358	9 grain buyers and warehouse licensing agency license fee fund
2359	2359	10 established by IC 26-3-7-6.3.
2360	2360	11 Sec. 7. The agency may:
2361	2361	12 (1) employ persons;
2362	2362	13 (2) make expenditures;
2363	2363	14 (3) require reports and records;
2364	2364	15 (4) make investigations; and
2365	2365	16 (5) take other action;
2366	2366	17 that the agency considers necessary or suitable for the proper
2367	2367	18 administration of this chapter.
2368	2368	19 Sec. 8. (a) The agency may adopt rules under IC 4-22-2 to
2369	2369	20 administer this chapter.
2370	2370	21 (b) A copy of this chapter and the rules adopted under this
2371	2371	22 chapter must be posted in a conspicuous manner at every
2372	2372	23 commercial grain buying site.
2373	2373	24 Sec. 9. A person who recklessly uses equipment:
2374	2374	25 (1) to ascertain the moisture of grain in the process of
2375	2375	26 commercial buying or selling of grain; and
2376	2376	27 (2) that does not bear the seal required by section 4 of this
2377	2377	28 chapter;
2378	2378	29 commits a Class B misdemeanor.
2379	2379	30 SECTION 44. IC 26-4-1-3.5 IS ADDED TO THE INDIANA CODE
2380	2380	31 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
2381	2381	32 1, 2025]: Sec. 3.5. "Basis" means the difference between the flat
2382	2382	33 price contract and a specified futures price of the same or a related
2383	2383	34 commodity.
2384	2384	35 SECTION 45. IC 26-4-1-3.7 IS ADDED TO THE INDIANA CODE
2385	2385	36 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
2386	2386	37 1, 2025]: Sec. 3.7. "Basis contract" means an agreement that
2387	2387	38 establishes the difference between the flat price contract and a
2388	2388	39 specified futures price of the same or a related commodity.
2389	2389	40 SECTION 46. IC 26-4-1-4.5 IS ADDED TO THE INDIANA CODE
2390	2390	41 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
2391	2391	42 1, 2025]: Sec. 4.5. "Claim" means a claim that has been vetted
2392	2392	2025 IN 1419—LS 7600/DI 150 56
2393	2393	1 through the agency process under IC 26-3-7-16.5 where the
2394	2394	2 claimant has provided the agency with documentation of the
2395	2395	3 financial loss the claimant has experienced minus any payments
2396	2396	4 made to the claimant regarding said loss.
2397	2397	5 SECTION 47. IC 26-4-1-5, AS AMENDED BY P.L.75-2010,
2398	2398	6 SECTION 15, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
2399	2399	7 JULY 1, 2025]: Sec. 5. "Claimant" means a producer that:
2400	2400	8 (1) is a participant in the grain indemnity program;
2401	2401	9 (2) possesses a claim resulting from a failure the revocation of
2402	2402	10 a license of a licensed grain buyer or warehouse; and
2403	2403	11 (3) has a claim that has been adjudicated by the agency under
2404	2404	12 IC 26-3-7-16.5. can provide written documented proof of the
2405	2405	13 type of loss and price at which the financial loss was
2406	2406	14 calculated.
2407	2407	15 SECTION 48. IC 26-4-1-8.1 IS ADDED TO THE INDIANA CODE
2408	2408	16 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
2409	2409	17 1, 2025]: Sec. 8.1. "Deferred pricing" means a purchase by a buyer
2410	2410	18 where title to the grain passes to the buyer, in which the actual
2411	2411	19 dollar price to be paid to the seller is not to be determined at the
2412	2412	20 time the grain is received by the buyer or less than twenty-one (21)
2413	2413	21 days of that receipt.
2414	2414	22 SECTION 49. IC 26-4-1-10 IS REPEALED [EFFECTIVE JULY 1,
2415	2415	23 2025]. Sec. 10. "Failed" or "failure" means any of the following:
2416	2416	24 (1) An inability of a licensee to financially satisfy fully all
2417	2417	25 obligations due a claimant.
2418	2418	26 (2) A public declaration of a licensee's insolvency.
2419	2419	27 (3) The nonpayment of a licensee's debts in the ordinary course of
2420	2420	28 business if there is not a good faith dispute.
2421	2421	29 (4) Revocation or suspension of a licensee's license, if the
2422	2422	30 licensee has outstanding indebtedness owed to claimants.
2423	2423	31 (5) Voluntary surrender of a licensee's license, if the licensee has
2424	2424	32 outstanding indebtedness to claimants.
2425	2425	33 (6) Involuntary or voluntary bankruptcy of a licensee.
2426	2426	34 SECTION 50. IC 26-4-1-11 IS AMENDED TO READ AS
2427	2427	35 FOLLOWS [EFFECTIVE JULY 1, 2025]: Sec. 11. "Financial loss"
2428	2428	36 means a loss resulting from the following:
2429	2429	37 (1) A producer not being fully paid for grain that has been
2430	2430	38 delivered and sold to a grain buyer, net of any outstanding charges
2431	2431	39 against the grain.
2432	2432	40 (2) Storage loss.
2433	2433	41 SECTION 51. IC 26-4-1-11.5 IS ADDED TO THE INDIANA
2434	2434	42 CODE AS A NEW SECTION TO READ AS FOLLOWS
2435	2435	2025 IN 1419—LS 7600/DI 150 57
2436	2436	1 [EFFECTIVE JULY 1, 2025]: Sec. 11.5. "Flat price contract" means
2437	2437	2 a contract that sets a fixed price for a specific delivery
2438	2438	3 requirement, where the price is determined by adding the basis to
2439	2439	4 the futures price of the same commodity, which is set before the
2440	2440	5 futures contract expires.
2441	2441	6 SECTION 52. IC 26-4-1-13, AS AMENDED BY P.L.208-2021,
2442	2442	7 SECTION 8, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
2443	2443	8 JULY 1, 2025]: Sec. 13. "Grain" means corn for all uses, popcorn,
2444	2444	9 wheat, oats, rye, soybeans, barley, sorghum, oil seeds, other agricultural
2445	2445	10 commodities as approved by the agency, and seed (as defined in
2446	2446	11 IC 26-3-7-2(28)). IC 26-3-7-2(30)). The term does not include canning
2447	2447	12 crops for processing or sweet corn.
2448	2448	13 SECTION 53. IC 26-4-1-15 IS AMENDED TO READ AS
2449	2449	14 FOLLOWS [EFFECTIVE JULY 1, 2025]: Sec. 15. "Grain indemnity
2450	2450	15 program" means the system created by this article to have in which the
2451	2451	16 board pay pays money out of the fund to producers having financial
2452	2452	17 losses due to a failure. license revocation.
2453	2453	18 SECTION 54. IC 26-4-1-15.7 IS ADDED TO THE INDIANA
2454	2454	19 CODE AS A NEW SECTION TO READ AS FOLLOWS
2455	2455	20 [EFFECTIVE JULY 1, 2025]: Sec. 15.7. "Outstanding charges" and
2456	2456	21 "credits and offsets" include the following:
2457	2457	22 (1) Moisture discounts and drying charges.
2458	2458	23 (2) Foreign material discounts and quality discounts.
2459	2459	24 (3) Storage charges.
2460	2460	25 (4) Deferred pricing charges.
2461	2461	26 (5) Marketing checkoffs.
2462	2462	27 (6) All other deductions from the gross amount due to the
2463	2463	28 producer on the sale of grain.
2464	2464	29 SECTION 55. IC 26-4-1-19.3 IS ADDED TO THE INDIANA
2465	2465	30 CODE AS A NEW SECTION TO READ AS FOLLOWS
2466	2466	31 [EFFECTIVE JULY 1, 2025]: Sec. 19.3. "Revocation of a license"
2467	2467	32 has the meaning set forth in IC 26-3-7-2.
2468	2468	33 SECTION 56. IC 26-4-1-19.7 IS ADDED TO THE INDIANA
2469	2469	34 CODE AS A NEW SECTION TO READ AS FOLLOWS
2470	2470	35 [EFFECTIVE JULY 1, 2025]: Sec. 19.7. "Storage" has the meaning
2471	2471	36 set forth in IC 26-3-7-2.
2472	2472	37 SECTION 57. IC 26-4-1-20, AS AMENDED BY P.L.75-2010,
2473	2473	38 SECTION 20, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
2474	2474	39 JULY 1, 2025]: Sec. 20. "Storage loss" means a loss to a storage
2475	2475	40 depositor resulting from a failed warehouse operator:
2476	2476	41 (1) whose license has been revoked; and
2477	2477	42 (2) who has not fully satisfying satisfied the warehouse operator's
2478	2478	2025 IN 1419—LS 7600/DI 150 58
2479	2479	1 storage obligation to the depositor, net of any outstanding charges
2480	2480	2 against the grain.
2481	2481	3 SECTION 58. IC 26-4-1-23, AS AMENDED BY P.L.75-2010,
2482	2482	4 SECTION 21, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
2483	2483	5 JULY 1, 2025]: Sec. 23. "Warehouse" means any building or other
2484	2484	6 protected enclosure in one (1) general location that is licensed or
2485	2485	7 required to be licensed under IC 26-3-7, which building or other
2486	2486	8 protected enclosure is operated under one (1) ownership and run
2487	2487	9 from a single office, and in which grain is or may be:
2488	2488	10 (1) stored for hire;
2489	2489	11 (2) used for grain bank storage; or
2490	2490	12 (3) used to store company owned grain.
2491	2491	13 and the building or other protected enclosure is operated under one (1)
2492	2492	14 ownership and run from a single office.
2493	2493	15 SECTION 59. IC 26-4-3-2, AS AMENDED BY P.L.208-2021,
2494	2494	16 SECTION 10, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
2495	2495	17 JULY 1, 2025]: Sec. 2. (a) The corporation's board is created. The
2496	2496	18 governing powers of the corporation are vested in the board, which is
2497	2497	19 composed of thirteen (13) members as described in subsections (b) and
2498	2498	20 (c).
2499	2499	21 (b) The board consists of the following ten (10) voting members:
2500	2500	22 (1) Two (2) members appointed by the largest Indiana
2501	2501	23 organization representing the interests of grain and feed dealers
2502	2502	24 in Indiana.
2503	2503	25 (2) Two (2) members appointed by the largest Indiana
2504	2504	26 organization representing general farm interests in Indiana.
2505	2505	27 (3) One (1) member appointed by the second largest Indiana
2506	2506	28 organization representing general farm interests in Indiana.
2507	2507	29 (4) One (1) member appointed by the largest Indiana organization
2508	2508	30 exclusively representing the interests of corn producers.
2509	2509	31 (5) One (1) member appointed by the largest Indiana organization
2510	2510	32 exclusively representing the interests of soybean producers in
2511	2511	33 Indiana.
2512	2512	34 (6) Two (2) members appointed by the largest Indiana
2513	2513	35 organization representing the interests of bankers in Indiana.
2514	2514	36 (7) One (1) member appointed by the largest Indiana organization
2515	2515	37 representing the interests of the seed trade in Indiana.
2516	2516	38 The members appointed under subdivisions (2) through (5) must be
2517	2517	39 producers.
2518	2518	40 (c) The board consists of the following three (3) nonvoting
2519	2519	41 members:
2520	2520	42 (1) The attorney general.
2521	2521	2025 IN 1419—LS 7600/DI 150 59
2522	2522	1 (2) The treasurer of state.
2523	2523	2 (3) The director of the agency. who shall serve as the chairperson.
2524	2524	3 (d) The:
2525	2525	4 (1) attorney general may designate a licensed attorney
2526	2526	5 representative; and
2527	2527	6 (2) treasurer of state may designate a representative;
2528	2528	7 to serve on the board.
2529	2529	8 (e) At an annual meeting of the board, to be held in July, the
2530	2530	9 members of the board shall elect a chairperson and vice
2531	2531	10 chairperson. The chairperson and vice chairperson must be voting
2532	2532	11 members and serve for a one (1) year term. The chairperson and
2533	2533	12 vice chairperson may be reelected for subsequent one (1) year
2534	2534	13 terms for a maximum of two (2) years in an eight (8) year period.
2535	2535	14 (f) The chairperson shall lead the meetings of the board. When
2536	2536	15 the chairperson is not available the vice chairperson shall lead the
2537	2537	16 meetings of the board. If neither the chairperson or vice
2538	2538	17 chairperson is present, the chairperson may designate a voting
2539	2539	18 member of the board to lead the meeting.
2540	2540	19 SECTION 60. IC 26-4-3-4 IS AMENDED TO READ AS
2541	2541	20 FOLLOWS [EFFECTIVE JULY 1, 2025]: Sec. 4. (a) Except as
2542	2542	21 provided in subsection (b), six (6) voting members constitute a quorum.
2543	2543	22 The affirmative votes of at least six (6) voting members who are
2544	2544	23 present in person are necessary for any action to be taken by the
2545	2545	24 board.
2546	2546	25 (b) A meeting may be adjourned by less than six (6) members.
2547	2547	26 SECTION 61. IC 26-4-3-7, AS AMENDED BY P.L.208-2021,
2548	2548	27 SECTION 11, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
2549	2549	28 JULY 1, 2025]: Sec. 7. (a) The board shall do the following:
2550	2550	29 (1) Adopt rules, create forms, and establish guidelines to
2551	2551	30 implement this article.
2552	2552	31 (2) Collect and deposit all producer premiums authorized under
2553	2553	32 IC 26-4-4-4 into the fund for investment by the board.
2554	2554	33 (3) Require reports from the agency regarding the financial status
2555	2555	34 of a licensee, while the board is in executive session and without
2556	2556	35 disclosing the name or any other identifying information of the
2557	2557	36 licensee, including the following:
2558	2558	37 (A) Whether there is a risk that a licensee may fail. have the
2559	2559	38 licensee's license revoked.
2560	2560	39 (B) The financial impact to the fund if a licensee identified in
2561	2561	40 clause (A) were to fail. have the licensee's license revoked.
2562	2562	41 (C) The estimated number of potential claimants that could
2563	2563	42 result from the failure revocation of a license of a licensee
2564	2564	2025 IN 1419—LS 7600/DI 150 60
2565	2565	1 identified in clause (A).
2566	2566	2 (D) Any other information the director determines is necessary
2567	2567	3 to solicit the advice of the board regarding the financial status
2568	2568	4 of a licensee.
2569	2569	5 However, the director may not share information under this
2570	2570	6 subdivision with a board member who has not executed a
2571	2571	7 confidentiality agreement.
2572	2572	8 (4) Initiate any action it may consider necessary to compel the
2573	2573	9 grain buyer against whom an awarded claim arose to repay to the
2574	2574	10 fund the sums that are disbursed from the fund in relation to each
2575	2575	11 claim.
2576	2576	12 (5) Initiate any action it may consider necessary to compel the
2577	2577	13 claimant whose claim arose due to a failure the revocation of a
2578	2578	14 license to participate in any legal proceeding, investigation, or
2579	2579	15 questioning by the board in relation to the claim.
2580	2580	16 (6) Within five (5) business days of receiving notice of failure the
2581	2581	17 revocation of a license of a grain buyer, publish notice of the
2582	2582	18 failure revocation in a manner described in IC 5-3.
2583	2583	19 (7) When a claim is made against the fund, hire a manager or
2584	2584	20 management firm, that is not associated with or related to any
2585	2585	21 member of the board, to assist board members in developing
2586	2586	22 agendas, assisting in determining claims made against the
2587	2587	23 fund, presenting the evidence of claims made by the agency,
2588	2588	24 presenting claim information to the board, and other duties
2589	2589	25 determined by the board.
2590	2590	26 (8) Seek independent legal advice when negotiating settlement
2591	2591	27 of claims made against the fund when a claimant does not
2592	2592	28 agree with the amount decided by the board as a fair amount
2593	2593	29 for claims made.
2594	2594	30 (9) Determine whether claims made by producers are
2595	2595	31 legitimate and backed by credible supporting documentation.
2596	2596	32 (10) Deny payments to claimants refusing to produce
2597	2597	33 requested documentation or participate in investigations by
2598	2598	34 the board.
2599	2599	35 (11) With the approval of the majority of the board, make
2600	2600	36 payment from the fund when the payment is necessary for the
2601	2601	37 purpose of compensating claimants under IC 26-4-6.
2602	2602	38 (12) Have subpoena power for credible documentation of
2603	2603	39 losses requested to be paid to claimants by the fund.
2604	2604	40 (b) At the request of the chairperson, the agency shall provide
2605	2605	41 administrative support to the board.
2606	2606	42 SECTION 62. IC 26-4-3-8.5, AS ADDED BY P.L.208-2021,
2607	2607	2025 IN 1419—LS 7600/DI 150 61
2608	2608	1 SECTION 12, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
2609	2609	2 JULY 1, 2025]: Sec. 8.5. (a) A board member may not discuss any
2610	2610	3 pending claim or potential claim except with another board
2611	2611	4 member, at a board meeting, including at an executive session of
2612	2612	5 the board.
2613	2613	6 (b) If a board member reasonably believes that a conflict of interest
2614	2614	7 exists with respect to the exercise of the board member's official duties
2615	2615	8 in a particular case, the board member:
2616	2616	9 (1) shall disclose that a conflict of interest exists to the board and
2617	2617	10 the agency; and
2618	2618	11 (2) is recused from the proceeding.
2619	2619	12 SECTION 63. IC 26-4-3-9, AS AMENDED BY P.L.208-2021,
2620	2620	13 SECTION 14, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
2621	2621	14 JULY 1, 2025]: Sec. 9. (a) The corporation may do or shall have any
2622	2622	15 of the following:
2623	2623	16 (1) Perpetual succession by its corporate name as a corporate
2624	2624	17 body.
2625	2625	18 (2) Adopt and make use of an official seal and alter the same at
2626	2626	19 pleasure.
2627	2627	20 (3) Adopt, amend, and repeal bylaws consistent with the
2628	2628	21 provisions of this article for the regulation and conduct of the
2629	2629	22 corporation's affairs and prescribe rules and policies in connection
2630	2630	23 with the performance of the corporation's functions and duties.
2631	2631	24 (4) Use the services of the agency, the Indiana state department
2632	2632	25 of agriculture, and the attorney general when considered
2633	2633	26 necessary in the execution of the duties of the board.
2634	2634	27 (5) Accept gifts, devises, bequests, grants, loans, appropriations,
2635	2635	28 revenue sharing, other financing and assistance, and any other aid
2636	2636	29 from any source and agree to and comply with any attached
2637	2637	30 conditions.
2638	2638	31 (6) Procure insurance against any loss in connection with its
2639	2639	32 operations in the amounts and from the insurers as it considers
2640	2640	33 necessary or desirable.
2641	2641	34 (7) Borrow money from a bank, an insurance company, an
2642	2642	35 investment company, or any other person. The corporation may
2643	2643	36 negotiate the terms of a loan contract. The contract must provide
2644	2644	37 for repayment of the money in not more than forty (40) years and
2645	2645	38 that the loan may be prepaid. The loan contract must plainly state
2646	2646	39 that it is not an indebtedness of the state but constitutes a
2647	2647	40 corporate obligation solely of the corporation and is payable
2648	2648	41 solely from revenues of the corporation or any appropriations
2649	2649	42 from the state that might be made to the corporation for that
2650	2650	2025 IN 1419—LS 7600/DI 150 62
2651	2651	1 purpose.
2652	2652	2 (8) Include in any borrowing amounts considered necessary by the
2653	2653	3 corporation to pay financing charges, interest on the obligations,
2654	2654	4 consultant, advisory, and legal fees, and other expenses necessary
2655	2655	5 or incident to such borrowing.
2656	2656	6 (9) Employ personnel as may be required in the judgment of the
2657	2657	7 corporation, and fix and pay compensation from money available
2658	2658	8 to the corporation from the administrative expenses account.
2659	2659	9 (10) Make, execute, and carry out any and all contracts,
2660	2660	10 agreements, or other documents with any governmental agency or
2661	2661	11 any person, corporation, limited liability company, association,
2662	2662	12 partnership, or other organization or entity necessary or
2663	2663	13 convenient to accomplish the purposes of this article.
2664	2664	14 (11) Upon the request of the director of the agency and the
2665	2665	15 approval of the board, make payment from the fund when the
2666	2666	16 payment is necessary for the purpose of compensating claimants
2667	2667	17 in accordance with the provisions of IC 26-4-6.
2668	2668	18 (12) (11) Have powers necessary or appropriate for the exercise
2669	2669	19 of the powers specifically conferred upon the corporation and all
2670	2670	20 incidental powers customary in corporations.
2671	2671	21 (13) (12) May require a study of fund solvency, practices, and
2672	2672	22 procedures from a third party of the fund as needed.
2673	2673	23 (14) (13) Pay legal fees and legal expenses in actions brought
2674	2674	24 against the corporation or board.
2675	2675	25 (b) The corporation or the board may use the services of a person
2676	2676	26 other than the attorney general to collect money owed to the fund or to
2677	2677	27 litigate claims concerning money owed to the fund.
2678	2678	28 SECTION 64. IC 26-4-4-1, AS AMENDED BY P.L.60-2015,
2679	2679	29 SECTION 14, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
2680	2680	30 JULY 1, 2025]: Sec. 1. (a) The Indiana grain indemnity fund is
2681	2681	31 established for the purpose of providing money to pay producers for
2682	2682	32 losses incurred due to the failure revocation of a license of a grain
2683	2683	33 buyer or warehouse operator licensed under IC 26-3-7. The fund shall
2684	2684	34 be administered by the board of the corporation.
2685	2685	35 (b) The fund consists of money collected under this chapter.
2686	2686	36 (c) The fund shall operate on a fiscal year of July 1 to June 30.
2687	2687	37 SECTION 65. IC 26-4-4-2, AS AMENDED BY P.L.208-2021,
2688	2688	38 SECTION 15, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
2689	2689	39 JULY 1, 2025]: Sec. 2. (a) The administrative expense account is
2690	2690	40 created within the fund.
2691	2691	41 (b) The expenses of administering the fund and paying
2692	2692	42 administrative expenses must be paid from money in the administrative
2693	2693	2025 IN 1419—LS 7600/DI 150 63
2694	2694	1 expense account.
2695	2695	2 (c) The board may transfer annually not more than three hundred
2696	2696	3 fifty thousand dollars ($350,000) from the fund to the administrative
2697	2697	4 expense account.
2698	2698	5 (d) Administrative expenses under this section may include:
2699	2699	6 (1) processing refunds;
2700	2700	7 (2) enforcement of the fund;
2701	2701	8 (3) record keeping in relation to the fund;
2702	2702	9 (4) the ordinary management and investment fees connected with
2703	2703	10 the operation of the fund;
2704	2704	11 (5) a study of fund solvency, practices, and procedures;
2705	2705	12 (6) a performance review of the agency's auditing practices and
2706	2706	13 procedures;
2707	2707	14 (7) professional development and training programs for agency
2708	2708	15 staff that are closely relevant to the auditing, licensing, and other
2709	2709	16 regulatory functions of the agency;
2710	2710	17 (8) technology software updates and technology support services
2711	2711	18 that are closely relevant to the auditing, licensing, and other
2712	2712	19 regulatory functions of the agency;
2713	2713	20 (9) professional training for board members on the board
2714	2714	21 members' duties and responsibilities; and
2715	2715	22 (10) the use of supplemental consulting services;
2716	2716	23 (11) hiring a manager or a management firm;
2717	2717	24 (12) hiring legal advice or consultation; and
2718	2718	25 (13) legal fees and legal expenses in actions brought against,
2719	2719	26 or by, the corporation or board and that have been approved
2720	2720	27 by the board.
2721	2721	28 (e) The agency may not use money in the administrative expense
2722	2722	29 account for expenses other than the expenses described in subsection
2723	2723	30 (d).
2724	2724	31 SECTION 66. IC 26-4-4-4, AS AMENDED BY P.L.145-2017,
2725	2725	32 SECTION 17, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
2726	2726	33 JULY 1, 2025]: Sec. 4. (a) Except as provided in section 8 of this
2727	2727	34 chapter, beginning on July 1, 2015, the producers of grain shall be
2728	2728	35 charged a producer premium equal to two-tenths percent (0.2%) of the
2729	2729	36 price on all marketed grain that is sold to a first purchaser licensee.
2730	2730	37 (b) The producer premiums required under this section are in
2731	2731	38 addition to any other fees or assessments required by law.
2732	2732	39 (c) The amount of the producer premium must be calculated
2733	2733	40 using the gross sales price of the grain, including all premiums and
2734	2734	41 discounts for moisture, quality, variety, or any other characteristic
2735	2735	42 of the grain. The producer premium must be calculated before the
2736	2736	2025 IN 1419—LS 7600/DI 150 64
2737	2737	1 deduction of marketing assessments, storage, drying, cleaning, or
2738	2738	2 any other service charge.
2739	2739	3 SECTION 67. IC 26-4-4-6 IS AMENDED TO READ AS
2740	2740	4 FOLLOWS [EFFECTIVE JULY 1, 2025]: Sec. 6. (a) When purchasing
2741	2741	5 grain, a grain buyer, a grain buyer's agent, or a grain buyer's
2742	2742	6 representative shall:
2743	2743	7 (1) deduct the producer premium described in section 4 of this
2744	2744	8 chapter from the producer's payment; and
2745	2745	9 (2) document the producer premium paid by the producer.
2746	2746	10 (b) A grain buyer shall submit producer premiums collected under
2747	2747	11 subsection (a) to the board for the purpose of financing or contributing
2748	2748	12 to the financing of the fund by:
2749	2749	13 (1) October 31 for producer premiums collected during the
2750	2750	14 months of July, August, and September;
2751	2751	15 (2) January 31 for producer premiums collected during the
2752	2752	16 months of October, November, and December;
2753	2753	17 (3) April 30 for producer premiums collected during the months
2754	2754	18 of January, February, and March; and
2755	2755	19 (4) July 31 for producer premiums collected during the months of
2756	2756	20 April, May, and June.
2757	2757	21 Each grain buyer shall, in accordance with the time frame set forth
2758	2758	22 in this subsection, remit to the corporation the producer premium
2759	2759	23 along with the remittance form provided by the corporation and
2760	2760	24 completed by the grain buyer.
2761	2761	25 SECTION 68. IC 26-4-4-7 IS AMENDED TO READ AS
2762	2762	26 FOLLOWS [EFFECTIVE JULY 1, 2025]: Sec. 7. (a) The:
2763	2763	27 (1) books and records of each grain buyer must clearly indicate
2764	2764	28 the producer premiums collected by the grain buyer; and
2765	2765	29 (2) portion of the books and records reflecting the premiums
2766	2766	30 collected must be open for inspection by the corporation, board,
2767	2767	31 board's authorized agents, director, or the director's designee
2768	2768	32 designated representative during regular business hours.
2769	2769	33 (b) Each grain buyer shall keep accurate and correct records of
2770	2770	34 grain purchased from producers documenting the producer
2771	2771	35 premiums paid by producers. The records must be maintained by
2772	2772	36 the grain buyer for a period of five (5) years from the date of
2773	2773	37 remittance of the producer premiums to the corporation. The
2774	2774	38 records must be available to authorized agents of the corporation
2775	2775	39 during normal business hours.
2776	2776	40 (b) (c) The corporation, board, board's authorized agent, director, or
2777	2777	41 the director's designee designated representative may take steps
2778	2778	42 reasonably necessary to verify the accuracy of the portion of a grain
2779	2779	2025 IN 1419—LS 7600/DI 150 65
2780	2780	1 buyer's books and records that reflect the premiums collected. The
2781	2781	2 information obtained under this section is confidential for purposes of
2782	2782	3 IC 5-14-3-4(a)(1). Unless otherwise required by judicial order, the
2783	2783	4 information obtained under this section may be disclosed only to
2784	2784	5 parties empowered to see or review the information. The corporation,
2785	2785	6 board, or director may respond to inquiries or disclose information
2786	2786	7 obtained under this section only in accordance with guidelines set forth
2787	2787	8 in IC 26-3-7-6.5.
2788	2788	9 (c) (d) Notwithstanding subsections (a) and (b), (c), the verification
2789	2789	10 permitted under subsection (b) (c) must be completed by the agency
2790	2790	11 unless two-thirds (2/3) of the board vote to have the verification
2791	2791	12 completed by an independent auditor.
2792	2792	13 SECTION 69. IC 26-4-4-8, AS AMENDED BY P.L.60-2015,
2793	2793	14 SECTION 17, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
2794	2794	15 JULY 1, 2025]: Sec. 8. (a) The producer premiums required under
2795	2795	16 section 4 of this chapter must be collected until the fund contains more
2796	2796	17 than twenty-five million dollars ($25,000,000), as of June 30 of any
2797	2797	18 given year.
2798	2798	19 (b) Except as provided in subsection (c), after the fund reaches
2799	2799	20 twenty-five million dollars ($25,000,000), the board may not require
2800	2800	21 the collection of additional producer premiums until the amount in the
2801	2801	22 fund drops below twenty million dollars ($20,000,000), as determined
2802	2802	23 under section 9 of this chapter. In a year when the board determines
2803	2803	24 that the fund is at or below twenty million dollars ($20,000,000), the
2804	2804	25 board shall reinstate the collection described in this chapter.
2805	2805	26 (c) The board shall reinstate the collection described in this chapter
2806	2806	27 if as of May 1:
2807	2807	28 (1) the fund contains at least twenty million dollars
2808	2808	29 ($20,000,000);
2809	2809	30 (2) the board is aware of a failure the revocation of a license of
2810	2810	31 a grain buyer; licensee; and
2811	2811	32 (3) the amount of compensation from the fund to cover producers'
2812	2812	33 claims, as determined by the board, is equal to or greater than the
2813	2813	34 amount of money in the fund.
2814	2814	35 (d) Collections must occur from September 1 through August 30
2815	2815	36 any year collections are made.
2816	2816	37 SECTION 70. IC 26-4-5-1, AS AMENDED BY P.L.145-2017,
2817	2817	38 SECTION 18, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
2818	2818	39 JULY 1, 2025]: Sec. 1. (a) A producer upon and against whom a
2819	2819	40 producer premium is charged and collected under the provisions of this
2820	2820	41 chapter may demand of and by complying with this chapter receive
2821	2821	42 from the fund through the board a refund of the producer premiums
2822	2822	2025 IN 1419—LS 7600/DI 150 66
2823	2823	1 collected from the producer.
2824	2824	2 (b) The board shall develop the form on which a demand for a
2825	2825	3 refund must be filed. The board shall make the form available to grain
2826	2826	4 buyers, producers, and the public upon request.
2827	2827	5 (c) Except as provided in subsection (d), a demand for a refund
2828	2828	6 under this section is only valid if:
2829	2829	7 (1) made in writing and:
2830	2830	8 (A) hand delivered; or
2831	2831	9 (B) sent by first class mail;
2832	2832	10 to the board; and
2833	2833	11 (2) delivered or sent to the board not more than twelve (12)
2834	2834	12 months after the premium was collected.
2835	2835	13 (d) The board may for good cause grant an extension for filing a
2836	2836	14 demand for a refund under this chapter.
2837	2837	15 (e) A producer that requests and receives a refund under this section
2838	2838	16 after June 30, 2015, is not protected and will not be compensated by
2839	2839	17 the grain indemnity program. The board may not consider any refunds
2840	2840	18 claimed before July 1, 2015, in determining whether a producer is
2841	2841	19 covered by the fund.
2842	2842	20 (f) A producer who requests a refund of producer premiums
2843	2843	21 paid is not eligible to be a claimant as of the date the refund check
2844	2844	22 is issued to the producer by the board.
2845	2845	23 (f) (g) Before January 1 of each year in which producer premiums
2846	2846	24 were collected during the immediately preceding calendar year, the
2847	2847	25 board shall send a notice to each producer who requested a refund of
2848	2848	26 producer premiums in any previous year. The notice must inform the
2849	2849	27 producer of the time frame in which a request for a refund must be
2850	2850	28 made and the method of filing for a refund.
2851	2851	29 SECTION 71. IC 26-4-5-2, AS AMENDED BY P.L.145-2017,
2852	2852	30 SECTION 19, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
2853	2853	31 JULY 1, 2025]: Sec. 2. (a) A producer who has received a refund of a
2854	2854	32 producer premium under section 1 of this chapter after June 30, 2015,
2855	2855	33 and has made a request for reentry may reenter the grain indemnity
2856	2856	34 program if the following conditions are satisfied:
2857	2857	35 (1) The producer petitions the board for approval of reentry into
2858	2858	36 the grain indemnity program by hand delivering or sending by
2859	2859	37 certified mail, return receipt requested, a written request in a form
2860	2860	38 required by the board.
2861	2861	39 (2) The board reviews the producer's petition for reentry and
2862	2862	40 approves the petition.
2863	2863	41 (3) The producer pays into the fund:
2864	2864	42 (A) all previous producer premium refunds; and
2865	2865	2025 IN 1419—LS 7600/DI 150 67
2866	2866	1 (B) interest on the refunds;
2867	2867	2 as determined by the board.
2868	2868	3 (b) A producer that reenters the grain indemnity program under
2869	2869	4 subsection (a)(3) is protected by the program from the time all previous
2870	2870	5 producer premium refunds that were claimed after June 30, 2015, and
2871	2871	6 interest on the refunds, are paid to the fund.
2872	2872	7 (c) A producer who reenters the grain indemnity program may not
2873	2873	8 make a claim on the fund that arises from a failure the revocation of
2874	2874	9 a license that occurs before until six (6) months after the producer
2875	2875	10 meets the requirements for reentry described in subsection (a).
2876	2876	11 SECTION 72. IC 26-4-5-4, AS ADDED BY P.L.145-2017,
2877	2877	12 SECTION 20, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
2878	2878	13 JULY 1, 2025]: Sec. 4. The board, in coordination with the agency,
2879	2879	14 shall develop educational information to be made available
2880	2880	15 electronically to producers, grain buyers, and warehouse operators,
2881	2881	16 explaining the following:
2882	2882	17 (1) The purpose of the fund.
2883	2883	18 (2) How the fund is operated.
2884	2884	19 (3) An explanation of coverage under the program, including the
2885	2885	20 duration of coverage and limits on losses.
2886	2886	21 (4) The process for claiming a refund.
2887	2887	22 (5) The process for reentering the program.
2888	2888	23 (6) Where a producer may locate information about the producer's
2889	2889	24 status in the program.
2890	2890	25 (7) Materials explaining normal industry marketing terms
2891	2891	26 and the terms meanings.
2892	2892	27 SECTION 73. IC 26-4-6-3, AS AMENDED BY P.L.75-2010,
2893	2893	28 SECTION 28, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
2894	2894	29 JULY 1, 2025]: Sec. 3. (a) Except as provided in subsection (b), within
2895	2895	30 ninety (90) days of the board's approval of a claim, the board shall
2896	2896	31 compensate from the fund, in an amount described in section 4 of this
2897	2897	32 chapter and in the manner described in subsection (c), a claimant who
2898	2898	33 has incurred a financial loss or storage loss due to a failure the
2899	2899	34 revocation of a license of a grain buyer or warehouse operator licensed
2900	2900	35 under IC 26-3-7.
2901	2901	36 (b) The time for payment may be extended if the board and claimant
2902	2902	37 mutually agree and put the terms of the payment in writing.
2903	2903	38 (c) If:
2904	2904	39 (1) a claimant engaged in farming operations granted to one (1)
2905	2905	40 or more secured parties one (1) or more security interests in the
2906	2906	41 grain related to the claimant's claim under this section; and
2907	2907	42 (2) one (1) or more secured parties described in subdivision (1)
2908	2908	2025 IN 1419—LS 7600/DI 150 68
2909	2909	1 have given to:
2910	2910	2 (A) the licensee prior written notice of the security interest
2911	2911	3 under IC 26-1-9.1-320(a)(1) or IC 26-1-9-307(1)(a) before its
2912	2912	4 repeal; and
2913	2913	5 (B) the board prior written notice of the security interest with
2914	2914	6 respect to the grain described in subdivision (1) sufficient to
2915	2915	7 give the board a reasonable opportunity to cause the issuance
2916	2916	8 of a joint check under this subsection;
2917	2917	9 the board may compensate the claimant described in subdivision (1) in
2918	2918	10 the amount to which the claimant is entitled under section 4 of this
2919	2919	11 chapter by causing the issuance of a check payable jointly to the order
2920	2920	12 of the claimant and any secured party described in subdivision (1) who
2921	2921	13 has given the notices described in subdivision (2). If only one (1)
2922	2922	14 secured party described in subdivision (1) is a payee, the rights of the
2923	2923	15 secured party in the check shall be to the extent of the indebtedness of
2924	2924	16 the claimant to the secured party. If two (2) or more secured parties
2925	2925	17 described in subdivision (1) are payees, the nature, extent, and priority
2926	2926	18 of their respective rights in the check are determined in the same
2927	2927	19 manner as the nature, extent, and priority of their respective security
2928	2928	20 interest under IC 26-1-9.1.
2929	2929	21 SECTION 74. IC 26-4-6-4, AS AMENDED BY P.L.145-2017,
2930	2930	22 SECTION 21, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
2931	2931	23 JULY 1, 2025]: Sec. 4. (a) A claimant who has incurred a storage loss
2932	2932	24 due to the failure revocation of a warehouse operator licensed license
2933	2933	25 under IC 26-3-7 is entitled to be compensated by the board from the
2934	2934	26 fund for one hundred percent (100%) of the storage loss incurred less
2935	2935	27 all credits and offsets and any producer premium that would have been
2936	2936	28 due on the sale of the grain. The gross amount of the storage loss shall
2937	2937	29 be as determined by the agency for warehouses licensed under
2938	2938	30 IC 26-3-7 or by the United States Department of Agriculture for
2939	2939	31 warehouses licensed under the United States Warehouse Act. The
2940	2940	32 warehouse operator, agency, and claimants may submit to the agency
2941	2941	33 board evidence related to outstanding charges against stored grain. If
2942	2942	34 the evidence is submitted, the agency shall determine the storage loss
2943	2943	35 payable by the board. However, the outstanding charges may not
2944	2944	36 include uncollected storage charges.
2945	2945	37 (b) Before a storage loss may be paid, the producer must
2946	2946	38 provide to the board evidence that storage fees were paid to the
2947	2947	39 facility for the time in which the grain was stored. The board shall
2948	2948	40 use the following minimum storage fees to determine the storage
2949	2949	41 loss:
2950	2950	42 (1) Barley and barley seed: Five cents ($0.05) per month, per
2951	2951	2025 IN 1419—LS 7600/DI 150 69
2952	2952	1 bushel.
2953	2953	2 (2) Canola and canola seed: Five cents ($0.05) per month, per
2954	2954	3 bushel.
2955	2955	4 (3) Corn and corn seed: Five cents ($0.05) per month, per
2956	2956	5 bushel.
2957	2957	6 (4) Lentils and lentil seed: Five cents ($0.05) per month, per
2958	2958	7 bushel.
2959	2959	8 (5) Oats and oat seed: Five cents ($0.05) per month, per
2960	2960	9 bushel.
2961	2961	10 (6) Popcorn and popcorn seed: Ten cents ($0.10) per month,
2962	2962	11 per bushel.
2963	2963	12 (7) Rye and rye seed: Five cents ($0.05) per month, per bushel,
2964	2964	13 per bushel.
2965	2965	14 (8) Sorghum and sorghum seed: Five cents ($0.05) per month,
2966	2966	15 per bushel.
2967	2967	16 (9) Soybeans and soybean seed: Fifteen cents ($0.15) per
2968	2968	17 month, per bushel.
2969	2969	18 (10) Sunflower and sunflower seed: Five cents ($0.05) per
2970	2970	19 month, per bushel.
2971	2971	20 (11) Wheat and wheat seed: Five cents ($0.05) per month, per
2972	2972	21 bushel.
2973	2973	22 (12) All other field crops and other field crop seed: Five cents
2974	2974	23 ($0.05) per month, per bushel.
2975	2975	24 (b) (c) A claimant who has incurred a financial loss due to the
2976	2976	25 failure revocation of a license of a grain buyer is entitled to be
2977	2977	26 compensated by the board from the fund for eighty percent (80%) of
2978	2978	27 the loss incurred less all credits and offsets and any producer premium
2979	2979	28 that should have been due on the sale of the grain. The agency board
2980	2980	29 shall determine the loss incurred in the following manner:
2981	2981	30 (1) For grain that has been priced, the loss shall be the value of
2982	2982	31 the priced grain less any outstanding charges against the grain.
2983	2983	32 (2) For grain sold to a grain buyer, where the title to the grain
2984	2984	33 has passed to the grain buyer, who is also a warehouse operator
2985	2985	34 and that has not been priced, the loss shall be established using
2986	2986	35 the price determined for the storage obligations.
2987	2987	36 (3) For grain sold to a grain buyer who is not a warehouse
2988	2988	37 operator and that has not been priced, the loss shall be established
2989	2989	38 using a price determined by the agency using the same procedures
2990	2990	39 used by the agency to determine the price at the warehouse.
2991	2991	40 (c) (d) If a producer appeals under IC 4-21.5-3 an order issued by
2992	2992	41 the director under IC 26-3-7-16.5 that postpones the agency from
2993	2993	42 notifying the board of the amount of loss for proven claimants under
2994	2994	2025 IN 1419—LS 7600/DI 150 70
2995	2995	1 IC 26-3-7-16.5(n), IC 26-3-7-16.5(m), the board may issue partial
2996	2996	2 payments to any claimants who have not appealed their claims.
2997	2997	3 SECTION 75. IC 26-4-6-6, AS AMENDED BY P.L.145-2017,
2998	2998	4 SECTION 22, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
2999	2999	5 JULY 1, 2025]: Sec. 6. A claimant compensated under this chapter is
3000	3000	6 required to subrogate to the board or corporation all the claimant's
3001	3001	7 rights to collect on a bond issued under IC 26-3-7 or the United States
3002	3002	8 Warehouse Act and all the claimant's rights to any other compensation
3003	3003	9 arising from the failure revocation of a license of the grain buyer or
3004	3004	10 warehouse operator. The claimant shall assign all the claimant's rights,
3005	3005	11 title, and interest in any judgment concerning the failure revocation of
3006	3006	12 a license to the board or corporation.
3007	3007	13 SECTION 76. IC 26-4-6-7 IS AMENDED TO READ AS
3008	3008	14 FOLLOWS [EFFECTIVE JULY 1, 2025]: Sec. 7. The board shall deny
3009	3009	15 the payment of compensation under this chapter to a claimant who has
3010	3010	16 incurred a financial loss or storage loss due to the failure revocation
3011	3011	17 of a license of a warehouse or grain buyer when the board determines
3012	3012	18 the existence of any of the following:
3013	3013	19 (1) The claimant as payee has failed to present for payment a
3014	3014	20 negotiable instrument issued as payment for grain within ninety
3015	3015	21 (90) days from the date the negotiable instrument is tendered to
3016	3016	22 the claimant in satisfaction of obligations for grain purchased by
3017	3017	23 the licensed grain establishment.
3018	3018	24 (2) The claimant has engaged in conduct or practices that differ
3019	3019	25 from generally accepted marketing practices within the grain
3020	3020	26 industry, as determined by a majority of the board, to an extent
3021	3021	27 that the claimant's actions have substantially contributed to the
3022	3022	28 claimant's loss. The Indiana grain indemnity board may consider
3023	3023	29 whether contracts not excluded under IC 26-3-7-4 IC 26-3-7 are
3024	3024	30 to be generally accepted marketing practices within the grain
3025	3025	31 industry.
3026	3026	32 SECTION 77. IC 26-4-6-8, AS AMENDED BY P.L.75-2010,
3027	3027	33 SECTION 31, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
3028	3028	34 JULY 1, 2025]: Sec. 8. After the agency has determined that a grain
3029	3029	35 buyer or warehouse has defaulted payment or failed, had its license
3030	3030	36 revoked, the board shall have the following duties:
3031	3031	37 (1) Determine the valid claims and the amount of such claims to
3032	3032	38 be paid to claimants for financial losses that were incurred due to
3033	3033	39 the failure revocation of a license of a grain buyer or warehouse
3034	3034	40 operator.
3035	3035	41 (2) Investigate and question claimants as to their marketing
3036	3036	42 methods and the losses claimed by the claimants.
3037	3037	2025 IN 1419—LS 7600/DI 150 71
3038	3038	1 (3) Obtain credible documentation of any and all losses
3039	3039	2 claimed by the claimants.
3040	3040	3 (4) Document, in writing, each claim by having the following
3041	3041	4 information presented and approved by the board:
3042	3042	5 (A) Name of the claimant.
3043	3043	6 (B) How long the grain had been stored or sold.
3044	3044	7 (C) If title passed, at what price the financial loss was
3045	3045	8 determined.
3046	3046	9 (D) If stored, at what price the financial loss was
3047	3047	10 determined.
3048	3048	11 (E) Whether the financial loss was a result of normal
3049	3049	12 marketing practices.
3050	3050	13 Any information submitted under this subdivision by the
3051	3051	14 claimant must be signed and affirmed under the penalties for
3052	3052	15 perjury.
3053	3053	16 (2) (5) Authorize payment of money from the fund when
3054	3054	17 necessary for the purpose of compensating claimants in
3055	3055	18 accordance with the provisions of this chapter.
3056	3056	19 (3) (6) Collect money through subrogated claims against bonds
3057	3057	20 filed under IC 26-3-7 in the place of claimants who collected for
3058	3058	21 a loss incurred due to a the revocation of a license of a
3059	3059	22 warehouse or grain buyer. failure.
3060	3060	23 (4) (7) Borrow money as authorized under IC 26-4-3-9 if the fund
3061	3061	24 has insufficient money to cover approved claims.
3062	3062	25 (5) (8) Deposit into the fund any remaining grain assets of a failed
3063	3063	26 grain buyer or warehouse operator whose license has been
3064	3064	27 revoked for the purpose of repayment to the fund the money used
3065	3065	28 to pay claimants, subject to any priority lien right a holder of a
3066	3066	29 mortgage, security interest, or other encumbrance may possess
3067	3067	30 under any other applicable law. Any repayment into the fund may
3068	3068	31 not exceed the principal amount paid to claimants plus interest at
3069	3069	32 the rate paid on ninety (90) day United States Treasury bills.
3070	3070	33 (6) (9) If the amount in the fund is insufficient to pay all approved
3071	3071	34 claims in accordance with this chapter and the board is unable to
3072	3072	35 borrow funds for whatever reason, authorize payment of all the
3073	3073	36 approved claims on a pro rata basis.
3074	3074	37 SECTION 78. IC 26-4-8-4 IS ADDED TO THE INDIANA CODE
3075	3075	38 AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
3076	3076	39 1, 2025]: Sec. 4. (a) A member of the board who knowingly violates
3077	3077	40 the terms of a confidentiality agreement executed under this article
3078	3078	41 commits a Class A misdemeanor.
3079	3079	42 (b) A person convicted of violating this section is ineligible to
3080	3080	2025 IN 1419—LS 7600/DI 150 72
3081	3081	1 serve on the board.
3082	3082	2 SECTION 79. IC 35-52-15-1 IS REPEALED [EFFECTIVE JULY
3083	3083	3 1, 2025]. Sec. 1. IC 15-11-8-8 defines a crime concerning the Indiana
3084	3084	4 department of agriculture.
3085	3085	5 SECTION 80. IC 35-52-26-8.5 IS ADDED TO THE INDIANA
3086	3086	6 CODE AS A NEW SECTION TO READ AS FOLLOWS
3087	3087	7 [EFFECTIVE JULY 1, 2025]: Sec. 8.5. IC 26-3-7.5-9 defines a crime
3088	3088	8 concerning grain moisture testing equipment inspections.
3089	3089	9 SECTION 81. IC 35-52-26-12 IS ADDED TO THE INDIANA
3090	3090	10 CODE AS A NEW SECTION TO READ AS FOLLOWS
3091	3091	11 [EFFECTIVE JULY 1, 2025]: Sec. 12. IC 26-4-8-4 defines a crime
3092	3092	12 concerning members of the Indiana grain indemnity corporation
3093	3093	13 board.
3094	3094	14 SECTION 82. [EFFECTIVE JULY 1, 2025] (a) The following are
3095	3095	15 void:
3096	3096	16 (1) 824 IAC 1 (dealers and warehouse licensing and bonding).
3097	3097	17 (2) 824 IAC 2-2-1 (responsibility for compliance).
3098	3098	18 (3) 824 IAC 2-3-2 (expedited hearings).
3099	3099	19 (4) 824 IAC 2-4-2 (transferability).
3100	3100	20 (5) 824 IAC 2-4-3 (fees).
3101	3101	21 (6) 824 IAC 2-4-6(c) (insurance).
3102	3102	22 (7) 824 IAC 2-4-8 (net worth and market appraisals).
3103	3103	23 (8) 824 IAC 2-4-13 (inspection of scales).
3104	3104	24 (9) 824 IAC 2-4-14 (annual license renewal application).
3105	3105	25 (10) 824 IAC 2-5-1 (requirements for auditors).
3106	3106	26 (11) 824 IAC 2-8-2 (stored grain).
3107	3107	27 (12) 824 IAC 2-10-1 (stored grain).
3108	3108	28 (13) 824 IAC 2-11-1 (delivery back to the depositor).
3109	3109	29 (14) 824 IAC 2-13-1 (contracts requirements).
3110	3110	30 (15) 824 IAC 2-16-1 (contents of agency notices when a license
3111	3111	31 is suspended, revoked, or denied).
3112	3112	32 (16) 824 IAC 2-17 (hearing proceedings).
3113	3113	33 (17) 825 IAC 1 (grain indemnity corporation).
3114	3114	34 The publisher of the Indiana Administrative Code and Indiana
3115	3115	35 Register shall remove these provisions from the Indiana
3116	3116	36 Administrative Code.
3117	3117	37 (b) This SECTION expires July 1, 2026.
3118	3118	38 SECTION 83. [EFFECTIVE UPON PASSAGE] (a) Any rules
3119	3119	39 adopted by the Indiana state department of agriculture under
3120	3120	40 IC 15-11-8 in effect on June 30, 2025, are considered rules of the
3121	3121	41 Indiana grain buyers and warehouse licensing agency under
3122	3122	42 IC 26-3-7.5, as added by this act, on July 1, 2025.
3123	3123	2025 IN 1419—LS 7600/DI 150 73
3124	3124	1 (b) This SECTION expires July 1, 2030.
3125	3125	2 SECTION 84. An emergency is declared for this act.
3126	3126	2025 IN 1419—LS 7600/DI 150