1. (a) When purchasing grain, a grain buyer, a grain buyer's agent, or a grain buyer's representative shall:

   1. (1) deduct the producer premium described in section 4 of this chapter from the producer's payment; and
   2. (2) document the producer premium paid by the producer.

2. (b) A grain buyer shall submit producer premiums collected under subsection (a) to the board for the purpose of financing or contributing to the financing of the fund by:

   1. (1) October 31 for producer premiums collected during the months of July, August, and September;
   2. (2) January 31 for producer premiums collected during the months of October, November, and December;
   3. (3) April 30 for producer premiums collected during the months of January, February, and March; and

   4. (4) July 31 for producer premiums collected during the months of April, May, and June.

      Each grain buyer shall, in accordance with the time frame set forth in this subsection, remit to the corporation the producer premium along with the remittance form provided by the corporation and completed by the grain buyer.

As added by P.L.250-1995, SEC.1. Amended by P.L.114-2025, SEC.67.