MS HB1389

Establishes the Mississippi Grain Indemnity Board and Trust Fund to compensate grain producers for losses resulting from the failure of licensed grain dealers and warehouse operators, effective July 1, 2022.

Requires producers to pay an assessment of 0.2% on all marketed grain sold to first purchaser licensees, collected by the licensee and deducted from the purchase price, with assessments triggered when the fund falls below $18 million and suspended at $20 million.

Creates a seven-member board consisting of the Agriculture Commissioner (chair), two members selected by the Mississippi Farm Bureau, two by the Delta Council, and two at-large grain farmers selected by the Commissioner to administer the fund and adjudicate claims.

Establishes a voluntary participation program allowing producers to opt out by notifying the Commissioner by June 1 of each fiscal year, with opt-out producers ineligible for any indemnity payments for that crop year.

Provides compensation at 100% of storage and contract losses (less amounts received from other sources) for eligible claims, with pro-rata payments if total claims exceed available funds, and authorizes the board to adopt rules for assessment collection, claims adjudication, and fund administration.