MI SB1397

Amends the farm produce insurance program to expand assessment authority from grain dealers to "certain producers of farm produce" in the act's title and definitions.

Modifies board composition to include representatives from corn producers, soybean producers, dry bean producers, and agricultural lenders as voting members, with staggered 3-year terms.

Establishes a $250,000 annual cap on administrative expenses from the fund and authorizes reimbursement to the director for producer security activities through a memorandum of understanding.

Revises claim eligibility requirements, including a 2-year limit on when farm produce title transfer occurred and a 1-year deadline for submitting claims after published notice of licensee failure.

Provides compensation of 100% of storage losses and 90% of financial losses to claimants, with board authority to require subrogation of rights and denial of claims based on fraud, failure to mitigate losses, or problematic marketing practices.