SB 66 Summary

• Removes barley, oats, rye, grain sorghum, sunflower, and speltz from the definition of "agricultural commodity," leaving only corn, soybeans, wheat, and other director-designated crops.

• Increases net worth requirements for handler licenses from 10 cents per bushel to 15 cents per bushel immediately, and raises minimum net worth for first-time applicants and all handlers from $25,000 to $50,000, with a maximum cap of $450,000.

• Modifies financial statement requirements to require all statements and footnotes per generally accepted accounting principles rather than specifying individual statement types.

• Increases the agricultural commodity depositors fund threshold from $10 million to $15 million before waiving collection fees, and from $8 million to $10 million before reinstating fees.

• Requires handlers to notify parties storing commodities and receipt holders immediately upon license revocation and to liquidate commodities as directed by the director; clarifies that lien claims have priority over all competing liens on agricultural commodity assets.