MI HB6220

Increases the annual allocation limit for farm produce insurance fund administrative expenses from $500,000 to $850,000 per fiscal year.

Allows the department to adjust the administrative expense allocation beginning January 1, 2026 and annually thereafter based on Detroit Consumer Price Index changes, with adjustments capped at 5% and rounded to the nearest $3,000 increment.

Clarifies that investments and legal fees are excluded from administrative expenses and must be paid separately from the administrative expenses account.

Updates statutory language to replace "shall" with "must" and makes technical corrections to capitalization and grammar throughout the section.

Establishes procedures for quarterly compliance reviews of the investment portfolio by bank trust departments or professional investment advisors, with results provided to the fund and department within 30 days of each quarter.