(1)

(a) There is imposed and levied an assessment at the rate of Two Dollars and Fifty Cents ($2.50) per ton net weight on all peanuts grown within the State of Mississippi or delivered to the first point of sale within the State of Mississippi. The assessment shall be deducted by the purchaser from the amount paid the producer at the first point of sale, whether within or without the state. Assessments on peanuts put under loan to the Commodity Credit Corporation or purchased by the Commodity Credit Corporation and delivered to it shall be payable when such peanuts are placed under loan or are purchased. The Commodity Credit Corporation may require deduction and payment of the assessment from the loan proceeds or from the purchase price on behalf of the producer. Assessments on peanuts put under loan to the Commodity Credit Corporation and redeemed by the producer before the takeover date, if already paid by having been deducted from the loan proceeds, shall not be deducted by each handler from the amount paid the producer at the first point of sale as provided in this section; otherwise, the assessment shall be deducted.

(b) Any peanut producer may request and receive a refund of the amount of assessment deducted from the sale of his peanuts if he makes a written application with the department within sixty (60) days from the date of sale, supported by bona fide copies of sales slips signed by the purchaser. The application forms shall be prepared by the department and shall be available at the first point of sale. All such applications shall be processed and refunds paid by the department within sixty (60) days after the funds have been received by the department. Each marketing agency shall be furnished a poster to be displayed in a prominent place, stating that refunds are available and that the forms, including self-addressed envelopes, are available at its office. If a producer pledges peanuts grown by that producer as collateral for a loan issued by the Commodity Credit Corporation and if that producer forfeits the peanuts in lieu of loan repayment, the Commodity Credit Corporation shall at the time of the loan settlement, collect the assessment from the producer.

(2) The assessment imposed and levied by this section shall be payable to and collected by the department from the purchaser of the peanuts at the first point of sale or from the Commodity Credit Corporation as provided in subsection (1) of this section. The proceeds of the assessment collected by the department shall be deposited monthly with the State Treasurer in a special fund to be established as the “Mississippi Peanut Promotion Fund,” and promptly remitted to a foundation under the terms and conditions as the board deems necessary to ensure that the assessments are used properly in carrying out the purposes of this chapter.

(3) The department shall submit to the board a budget detailing and justifying the administrative costs of the department in administering the provisions of this chapter. The budget must be approved by the board by April 1 of each year. The department shall pay over to the Mississippi Peanut Promotion Fund the funds collected, less three and one-half percent (3-½%) of the gross amount collected. The amount withheld by the department must be approved by the board by July 1 of each year.

(4) Each purchaser or the Commodity Credit Corporation shall keep a complete and accurate record of all peanuts handled by him and shall furnish each producer with a signed sales slip showing the number of bushels purchased from him and the amount deducted by him for the Mississippi Peanut Promotion Fund. The records shall be in the form and contain any other information as the department shall by rule or regulation prescribe. The records shall be preserved by the purchaser for a period of two (2) years and shall be offered for inspection at any time upon oral or written demand by the department or any duly authorized agent or representative thereof. Every purchaser or the Commodity Credit Corporation, at such time or times as the department may require, shall submit reports or other documentary information deemed necessary for the efficient and equitable collection of the assessment imposed in this chapter. The department shall have the power to cause any duly authorized agent or representative to enter upon the premises of any purchaser of peanuts and examine or cause to be examined by the agent only books, papers and records which deal in any way with the payment of the assessment or enforcement of the provisions of this chapter.