ND HB1501

Defines the North Dakota soybean council as a nongovernmental entity and increases council member compensation from $135 per day to an amount established by the council (not to exceed $135 per day).

Prohibits a state soybean assessment if a federal assessment under the Soybean Promotion, Research, and Consumer Information Act remains in place; if the federal assessment is eliminated, imposes a state assessment of one-half of one percent on the value of all soybeans sold to a designated handler.

Requires designated handlers to collect the assessment by deducting it from the purchase price, maintain records for three years, file quarterly reports with the council, and submit collected assessments within 30 days of each calendar quarter with a two percent monthly penalty for late submission.

Requires the council to submit annual reports to the state auditor and commissioner including all income, expenses, and a certificate of good standing from the secretary of state.

All moneys collected must be deposited in the soybean checkoff account at the Bank of North Dakota and are appropriated on a continuing basis for council activities, with the board required to segregate these funds from other council moneys.

Act becomes effective July 1, 2024.