Kentucky Grain Dealer Bond Update

Kentucky grain dealers/warehouseman are affected by a revised bill that was recently enacted. The bill is titled HB 221 and modifies the bond requirements for grain warehousemen and grain dealers. The previous legislation required a surety bond of at least twenty-five cents per bushel of the total maximum bushel capacity of the warehouse or $10,000, whichever is more. HB 221 boosts the alternate minimum bond quantity from $10,000 to $25,000 and caps the maximum amount of the bond at $1 million.