MS SB2631

Establishes the Mississippi Grain Indemnity Act creating a 7-member board (Commissioner of Agriculture as chair, plus 6 members appointed by Governor, Lieutenant Governor, and Speaker of the House) to administer a trust fund protecting grain producers from losses due to grain dealer or warehouse failures

Imposes a 0.2% assessment on all marketed grain (corn, soybeans, wheat) sold to licensed first purchasers beginning January 1, 2027, with collections continuing until the fund reaches $25 million and resuming if it drops below $20 million

Creates the Mississippi Grain Indemnity Trust Fund in the State Treasury to pay claims for contract losses (unpaid grain purchases) and storage losses (unsatisfied storage obligations), with administrative costs capped at $200,000 annually or $500,000 when claims are being processed

Provides that producer participation is voluntary, but those who opt out by March 1 of any collection year become permanently ineligible for claims unless they petition for reentry and pay back all missed assessments plus interest

Requires claims to be filed within 90 days of a failure announcement, paid at 100% of loss (pro rata if funds insufficient), with claimants subrogating their bond recovery rights to the commissioner for deposit back into the fund