House Bill No. by Representative Coates amends the Grain and Cotton Indemnity Fund regulations, specifically focusing on the balance allocation and assessment collection processes. The bill proposes to increase the thresholds for suspending and resuming the collection of assessments within the Louisiana Agricultural Finance Authority (LAFA). Under the current law, collections are suspended when the LAFA balance reaches $12 million and resumed when it falls below $10 million. The proposed changes raise these thresholds to $25 million for suspension and $22 million for resumption, thereby allowing for a more substantial buffer before assessments are collected again.

Additionally, the bill stipulates that any assessments collected after the LAFA balance exceeds $12 million, but before the suspension of collections, must remain within the authority. This threshold is also increased to $25 million under the new provisions. The bill is set to take effect upon the governor's signature or after the designated time for gubernatorial action, ensuring that the changes are implemented promptly.

Statutes affected:
HB344 Original: 3:1(E)