SB555 Summary

• Creates the Arkansas Grain Dealers Act establishing a licensing and regulatory system for grain dealers under the State Plant Board, excluding those already licensed under federal warehouse laws or Arkansas's public grain warehouse law.

• Requires grain dealers to obtain a license before purchasing grain, with licenses valid July 1 through June 30 annually, and existing dealers given 60 days from the act's effective date to obtain licensure.

• Authorizes the State Plant Board to require surety bonds, conduct annual audits and inspections, establish a slow-pay hotline for reporting dealers more than 30 days late on payments, and maintain a public database of all licensed grain dealers.

• Establishes penalties including Class D felony for operating without a license or knowingly refusing inspections, Class A misdemeanor for negligent violations, and civil penalties up to $1,000 per violation, with authority for temporary license suspension without hearing in emergency situations.

• Declares an emergency effective upon gubernatorial approval to protect Arkansas farmers and the state's agricultural economy from financial harm caused by grain dealer failures.