MS HB1647

Establishes the Mississippi Grain Indemnity Act creating a seven-member board (Commissioner of Agriculture as chair, plus six members appointed by the Governor, Lieutenant Governor, and Speaker) to oversee a trust fund protecting grain producers from losses due to grain dealer or warehouse failures

Requires grain producers to pay a 0.2% assessment on all marketed grain (corn, soybeans, wheat) sold to first purchaser licensees beginning January 1, 2027, with collections continuing until the fund reaches $25 million

Creates a voluntary participation system where producers may opt out by March 1 of each year, but opting out permanently disqualifies them from receiving any fund payments unless they petition for reentry and pay back-assessments plus interest

Provides 100% reimbursement for verified storage and contract losses (less amounts recovered from other sources) through a claims process requiring submission within 90 days of a declared licensee failure, with pro rata payments if claims exceed available funds

Caps administrative costs at $200,000 annually (or $500,000 during active claims administration) and subjects the board to State Auditor inspection, with appeals of claim decisions going to Hinds County Chancery Court