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Senate adjusts grain indemnity requirements, keeps interest with producers' fund
Summary
Senators amended House File 2596 to alter audit and bond options for grain warehouses and to require that interest accrued on the grain indemnity fund remain with the fund; supporters said changes reduce burdens on independent elevators while preserving protection for producers.
Senator Gruenhagen (Scott) offered Senate amendment 51‑59 to House File 25 96 to revert certain reporting requirements and to allow an option of a CPA‑accompanied financial statement plus a bond in lieu of an unqualified audit for some participants. He said the change would reduce costs for smaller, independent grain warehouses that faced large audit bills under prior changes.
Senator Zimmer (Clinton) proposed an amendment that would raise the bond option to $300,000 for entities offering credit sales and include a requirement that interest accrued on the grain indemnity fund remain with the fund. Zimmer said, "This is our producer's money," arguing interest should not be used elsewhere. A separate roll call defeated one amendment; later amendments were adopted and House File 25 96 passed by roll call (45‑0 reported). Supporters said the changes strike a balance between producer protection and reasonable compliance costs for small operations.
