House Bill No. by Representative Butler amends the assessment rate for the Grain and Cotton Indemnity Fund, specifically modifying R.S. 3:3412.1(B). The bill increases the assessment rate charged by the commission on the value of all regulated agricultural commodities sold to grain dealers and cotton merchants from one twenty-fifth of one percent to two twenty-fifths of one percent. This change aims to enhance the funding for the indemnity fund, which supports agricultural producers in the event of losses.

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

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