A bill to establish a national insurance program to protect persons storing grain in a public warehouse against losses which may be caused by the insolvency of such warehouse.

Summary

Directs the Secretary of Agriculture to establish a program to insure the grain deposits in all insured public warehouses against losses due to the insolvency of such warehouses. Limits the amount of such insurance for any depositor or seller to fair market value, not to exceed $100,000. Requires the Secretary to prescribe uniform premium rates on a per bushel basis, not to exceed one-fourth of a cent per bushel. Terminates the authority to collect premiums once the insurance fund reaches $25,000,000. Establishes in the Treasury of the United States a Public Warehouse Insurance Fund, which shall have available up to $25,000,000, without fiscal year limitation, to pay claims. Requires payment of all claims, in the event that an insured warehouse closes because of insolvency, within 30 days after the date of closing. Directs the Secretary, after consultation with the Agricultural Stabilization and Conservation Service and the Commodity Futures Trading Commission, to prescribe regulations to carry out the purposes of this Act.

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1 official file

• Introduced in House

  summary · EN · 17 March 1981

  Open at official source

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