{"data":{"id":"us-ky/krs-251.640","jurisdiction":"us-ky","citation":"KRS 251.640","heading":"Assessment of producers of fund -covered grains -- Deduction of","body":"assessment -- Assessments dependent upon balance in fund.\n(1) It is declared to be in the public interest and highly advantageous to the agricultural\neconomy of the Commonwealth tha t producers of fund -covered grains delivered to\nlicensed grain dealers and licensed grain warehouse operators shall be assessed at a\nrate of .0025 times the gross value of the fund -covered grain. The board or the\ndepartment shall provide for the collection  of the assessment, under the provisions\nof this section, for the purpose of financing the Kentucky grain insurance fund,\nwhich is hereby created. Assessments shall be levied only on fund-covered grains.\n(2) Except as provided in subsection (3) of this sec tion, beginning on or after August 1,\n2019, all persons in this state who are licensed grain dealers or licensed grain\nwarehouse operators shall deduct the levied assessment from each producer's\npayment for fund -covered grain. The total assessment collecte d by each licensee\nshall, on or before the fifteenth day of the month following the end of the month in\nwhich the grains are sold to the purchaser, be remitted to the grain insurance fund.\nThe books and records shall clearly indicate the producer assessmen t and shall be\nopen for inspection by the board or the department. The board or the department\nmay take steps as are reasonably necessary to verify the accuracy of books and\nrecords of purchasers of grain.\n(3) (a) Beginning on August 1, 2019, no assessment  shall be collected if the board\nhas certified that the fund is greater than three million dollars ($3,000,000). If\nthe board receives notification the fund is less than three million dollars\n($3,000,000), then the board shall within sixty (60) days reinst ate the\nassessment fee of .0025 times the gross value of the fund -covered grain\npurchased. Assessments shall continue until the board certifies the fund is in\nexcess of ten million dollars ($10,000,000).\n(b) No later than April 30 of each year, the board s hall meet and certify the\namount in the fund. If the board certifies the fund's current balance is more\nthan ten million dollars ($10,000,000), then no assessment shall be levied. If,\nat any time after the board has certified that the balance in the fund i s more\nthan ten million dollars ($10,000,000), the board receives notification that the\nfund balance is less than six million dollars ($6,000,000), then the board shall\nreinstate the assessment within sixty (60) days. Upon notification from the\nboard, the department shall notify each licensee and shall begin collecting the\nassessment within sixty (60) days.\n(4) The assessments by the board in accordance with this section are in addition to any\nother fees or assessments required by law.","path":["KRS Chapter 251"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=49427","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:05Z","sha256":"0477b6b3976c30eb3456969a486c2a9beb163b5a13170e1855310acf8ad77875","source_id":"us-ky","stale":false,"prev":"us-ky/krs-251.630","next":"us-ky/krs-251.642"},"notice":"GroundRules: Original legal text. Not legal advice."}