HOUSE BILL 421 AMENDS AGRICULTURAL COMMODITY HANDLER LAW

Agricultural Commodity Depositors Fund to increrase

As a result of the Ohio Department of Agriculture's concerns over the funding level of the commodity Depositors Fund used to indemnify depositors, ODA is seeking, through HB 421 to amend the sections of the law relating to the Agricultural Commodity Depositors Fund.

In essence the bill:

• Increases the fund level from $4,000.00 to $10,000.00, triggering it at $8,000.00
  
• Interest earned credited to the fund
  
• Allows for the examination and admin. cost to be paid from the fund up to $500,000 per fiscal year.
  
• Further defines the funds' liability for eligible losses

The bill has had two hearings in the House Ag Committee. At this time everyone seems in agreement for the need to amend the law and the language amending the law.

There will be at least one more hearing in the House Ag Committee, a House vote, then on to the Senate. ODA hopes to have the bill passed and signed by the governor by late summer.

You can track the bill on the OABA web site -www.oaba.net then follow

• Related Links
  
• State Government
  
• Ohio House
  
• Legislation
  
• Bill Number (421)
  
• 125th General Assembly