House Bill No. 370, introduced by Representative Butler, amends the assessment rate for the Grain and Cotton Indemnity Fund as outlined in R.S. 3:3412.1(B). The bill increases the assessment rate from one twenty-fifth of one percent to two twenty-fifths of one percent on the value of all regulated agricultural commodities sold to grain dealers and cotton merchants. This change aims to enhance the funding for the indemnity fund, which provides financial support to farmers in the event of losses due to certain risks.

The bill stipulates that the assessments are due and payable to the commission by the licensee at the first point of sale. The new law will take effect upon the governor's signature or, if not signed, after the designated time for bills to become law without signature. If the governor vetoes the bill and it is later approved by the legislature, it will become effective the day after that approval.

Statutes affected:
HB370 Original: 3:1(B)
HB370 Engrossed: 3:1(B)