House Bill 1345

AN ACT TO CREATE THE "MILK PRODUCERS TRANSPORTATION COST ASSISTANCE LOAN FORGIVENESS ACT OF 2014"; TO PROVIDE FOR THE FORGIVENESS OF CERTAIN LOANS ISSUED UNDER THE PROGRAM FOR INDIVIDUALS HAVING REPAID LESS THAN THE 50% OF THE ORIGINAL LOAN AMOUNT RECEIVED UNDER THE MILK PRODUCERS TRANSPORTATION COST ASSISTANCE LOAN PROGRAM, WHICH REPEALED UNDER OPERATION OF LAW ON DECEMBER 31, 2012; TO PROVIDE FOR A REFUND TO CERTAIN INDIVIDUALS WHO HAVING REPAID 50% OR MORE OF THE ORIGINAL LOAN AMOUNT RECEIVED UNDER THE MILK PRODUCERS TRANSPORTATION COST ASSISTANCE LOAN PROGRAM; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. This act shall be known, and may be cited as the "Milk Producers Transportation Cost Assistance Loan Forgiveness Act of 2014."

SECTION 2. (1) Any individual milk producer having received loan assistance under Milk Producers Transportation Cost Assistance Loan Program, which was repealed by operation of law on December 31, 2012, shall be eligible for a complete discharge of the remaining sums due on loan amounts received, or shall be entitled to a full refund of the amounts paid in satisfying the debt owed, subject to the following conditions:

(a) Any individual milk producer who has repaid less than fifty percent (50%) of the outstanding debt on the original loan balance shall be discharged from the repayment of any remaining debt resulting from the acquisition of a loan under the program.

(b) Any individual milk producer who has repaid fifty percent (50%) or more of the balance on the original loan balance shall be entitled to a refund of one hundred percent (100%) of the payments made on the debt resulting from the acquisition of a loan under the program.

(2) The Legislature shall annually appropriate to the Mississippi Development Authority, for ten (10) years, such sums necessary to render the remaining debts discharged and paid in full and to provide the adequate amount of refunds to those individuals qualifying under subsection (1) of this section.

SECTION 3. This act shall take effect and be in force from and after July 1, 2014.