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Ch. 479
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Martin O'Malley, Governor
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(a) There is a Maryland Crop Insurance Premium COST SHARE Program
which is established for the purpose of [encouraging eligible farmers to participate]
INCREASING PARTICIPATION BY FARMERS IN THE STATE in the Federal Crop
Insurance Program [administered by the United States Department of Agriculture]
AND REDUCING A FARMER'S ECONOMIC LOSSES THAT RESULT FROM NATURAL
DISASTERS AND MARKET VOLATILITY.
(b) (1) (I) The Secretary may [pay a farmer eligible to participate in
the Federal Crop Insurance Program not more than $2 per acre for any Federal Crop
Insurance premium paid by the farmer] PROVIDE A COST SHARE PAYMENT FOR A
QUALIFYING FEDERAL CROP INSURANCE PRODUCT PURCHASED BY A FARMER
IN THE STATE.
(II) A COST SHARE PAYMENT MADE UNDER THIS SECTION
MAY NOT EXCEED 10% 8% OF THE NET BOOK PREMIUM, AS ESTABLISHED BY
THE FEDERAL CROP INSURANCE CORPORATION WITHIN THE RISK
MANAGEMENT AGENCY OF THE UNITED STATES DEPARTMENT OF
AGRICULTURE.
(2) (I) The Department may distribute money under the Maryland
Crop Insurance Premium COST SHARE Program from funds provided in the budget.
(II) THE SECRETARY SHALL SUBMIT AN ANNUAL REPORT
TO THE GOVERNOR AND, IN ACCORDANCE WITH § 2-1246 OF THE STATE
GOVERNMENT ARTICLE, THE GENERAL ASSEMBLY ON OR BEFORE AUGUST 1
OF EACH YEAR THAT PROVIDES AN ESTIMATE OF THE AMOUNT OF FUNDS
NEEDED TO PAY 10% 8% OF THE NET BOOK PREMIUM FOR QUALIFYING
FEDERAL CROP INSURANCE PRODUCTS EXPECTED TO BE PURCHASED BY
FARMERS IN THE STATE IN THE FOLLOWING CROP YEAR.
(c) (1) The Secretary may adopt regulations to implement the provisions
of this subtitle.
(2) ON OR BEFORE JANUARY 1, 2008, THE SECRETARY SHALL
ADOPT REGULATIONS THAT ESTABLISH THE QUALIFICATIONS FOR A FARMER'S
ELIGIBILITY TO RECEIVE A COST SHARE PAYMENT FOR CROP INSURANCE.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 2007.
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Approved by the Governor, May 8, 2007.
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- 2789 -
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