A 8420: Provides that any time the produce security fund exceeds six million dollars on the one hundred twentieth day prior to the commencement of the next licensing year, the commissioner of agriculture and markets shall suspend the collection of the security fund fee; makes related provisions.

  
  STATE OF NEW YORK ________________________________________________________________________ 8420 2025-2026 Regular Sessions  IN ASSEMBLY May 15, 2025 ___________ Introduced by M. of A. RAMOS -- (at request of the Department of Agri- culture and Markets) -- read once and referred to the Committee on Agriculture AN ACT to amend the agriculture and markets law, in relation to the suspension of collection of the produce security fund The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph (f) of subdivision 1 of section 250 of the agri- 2 culture and markets law, as amended by chapter 288 of the laws of 1999, 3 is amended to read as follows: 4 (f) (i) At any time the fund exceeds [four] six million dollars on the 5 one hundred twentieth day prior to the commencement of the next license 6 year, the commissioner shall suspend collection of the security fund 7 fee, unless [he or she] such commissioner has reason to believe that 8 pending claims may reduce the fund below that amount. 9 (ii) In the event that the fund exceeds six million dollars on the one 10 hundred twentieth day prior to the commencement of the next year, but 11 when adjusted for the rate of inflation, the security fund does not 12 provide the same level of protection to the producers as provided for by 13 subparagraph (i) of this paragraph, the commissioner shall continue the 14 collection of security fund fees for such year. 15 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09943-01-5