Indiana Code 26-3-7-26.5. Deferred pricing agreement; conditions; penalties
(1) enter into a deferred pricing agreement in connection with grain purchases that extends beyond the crop year for the delivered grain; or
Terms Used In Indiana Code 26-3-7-26.5
- Contract: A legal written agreement that becomes binding when signed.
- Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(b) If the deferred pricing agreement in connection with a grain purchase was entered into before July 1, 2021, the licensee shall complete the licensee’s payment obligations to the seller under the agreement before January 1, 2024. The determined price date of a deferred pricing agreement shall be:
(1) the determined price date set forth in the deferred pricing agreement, if that date occurs before January 1, 2024;
(2) if subdivision (1) does not apply, a determined price date that is mutually agreed to by the licensee and the seller; or
(3) if subdivisions (1) and (2) do not apply, the date on which the licensee completes the licensee’s payment obligations to the seller.
(c) If the director or director’s designated representative determines that the licensee has not complied with this section, the director shall issue a notice stating that the licensee has thirty (30) days to price grain for the initial deferred pricing agreement.
(d) If a licensee fails to price grain within thirty (30) days of the notice in subsection (c), the director may impose a fine on the licensee of not more than one thousand dollars ($1,000). Fines collected under this section must be deposited in the grain buyers and warehouse licensing agency license fee fund established by section 6.3 of this chapter.
(e) Notwithstanding section 17.1 of this chapter, if a licensee fails to price grain within sixty (60) days of the date of the notice in subsection (c), the director may impose a fine on the licensee of not more than two thousand five hundred dollars ($2,500) per month until the licensee is in compliance with this section.
As added by P.L.208-2021, SEC.6.