(1) There is imposed and levied an assessment at the rate of One Cent (1¢) per bushel on all soybeans grown within the State of Mississippi, and such 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 soybeans put under loan to the Commodity Credit Corporation or purchased by the Commodity Credit Corporation and delivered to it shall be payable when such soybeans 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 the behalf of the producer. Assessments on soybeans 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. Any soybean producer may request and receive a refund of the amount of assessment deducted from the sale of his soybeans provided he makes a written application with the Department of Agriculture and Commerce within sixty (60) days from date of sale, supported by bona fide copies of sales slips signed by the purchaser. The application forms shall be prepared by the Department of Agriculture and Commerce and shall be available at the first point of sale. All such applications shall be processed and refunds paid by the Department of Agriculture and Commerce 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 forms to be used, including self-addressed envelopes, are available at its office.

(2) The assessment imposed and levied by this section shall be payable to and collected by the Department of Agriculture and Commerce, hereafter referred to as “the department,” from the purchaser of such soybeans 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 with the State Treasurer in a special fund, known as the “Mississippi Soybean Promotion Fund,” and promptly remitted to the Mississippi State University Foundation under the terms and conditions as the Soybean Promotion Board deems necessary to ensure that the assessments are used properly in carrying out the purposes of this chapter. The State Fiscal Officer is authorized to issue warrants for the payment of monies from the Mississippi Soybean Promotion Fund upon requisition by the Commissioner of Agriculture and Commerce, or his designee, for refunds to producers as provided under subsection (1) of this section.

(3) The department shall pay over to the Mississippi Soybean Promotion Fund the funds collected, less three and one-half percent (3-½%) of the gross amount collected. The payments to the Mississippi Soybean Promotion Board shall be accompanied by a complete report of all funds collected and disbursed.

(4) Each purchaser or the Commodity Credit Corporation shall keep a complete and accurate record of all soybeans 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 Soybean Promotion Fund. Such records shall be in such form and contain such 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 soybeans and examine or cause to be examined by such 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.