(a)
(1) Except as otherwise prescribed by regulations approved by the United States Secretary of Agriculture or the Arkansas Soybean Promotion Board, each person purchasing from, and making payment to, a producer for soybeans produced by such producer and marketed for commercial use, including, in any case in which soybeans are pledged as collateral for a loan issued under any federal price support loan program, the Commodity Credit Corporation, shall be a first purchaser and shall collect an assessment from the producer, and each producer shall pay such assessment to the first purchaser, at the applicable rate prescribed in this section. Each first purchaser shall remit such assessment to the Arkansas Soybean Promotion Board or to its designee, the Secretary of the Department of Finance and Administration. For the purpose of this section, purchases from a producer of soybeans or contracts with a producer for production of soybeans for livestock feed or any other application shall constitute marketing for commercial use.
(2) Any producer marketing processed soybeans or soybean products of that producer's own production to consumers, either directly or through retail or wholesale outlets, or for export purposes, shall remit the assessment as required by this section.
(b)
(1) Effective July 1, 1989, there is imposed and levied an assessment at the rate of two cents (2¢) per bushel on all soybeans grown within the State of Arkansas. The assessment shall be deducted from the amount paid the producer at the first point of sale, whether within or without the state, or at the point the soybeans enter into the United States Department of Agriculture loan program.
(2) Notwithstanding subdivision (b)(1) of this section, if an assessment is made under the Soybean Promotion, Research and Consumer Information Act of 1990 upon soybeans grown within the State of Arkansas, then, for so long as such assessment is effective, the assessment imposed and levied under this section shall be twenty-five hundredths of one percent (0.25%) of the net market price of all soybeans grown within the State of Arkansas. The assessment of twenty-five hundredths of one percent (0.25%) shall not be in addition to the national assessment, but is intended to correspond to the state credit for assessments paid to a qualified state soybean board under the Soybean Promotion, Research and Consumer Information Act of 1990. If an assessment under the Soybean Promotion, Research and Consumer Information Act of 1990 shall cease to be effective, then, for so long as no such assessment is made, the assessment imposed and levied under this section shall be as provided in subdivision (b)(1) of this section.
(3)
(A) So long as the assessment on soybeans provided for in this section is two cents (2¢) per bushel, the question of the levy of the two-cents-per-bushel assessment on soybeans may be referred to a vote of the soybean producers of the state by the filing of petitions with the Arkansas Soybean Promotion Board containing signatures of Arkansas soybean producers equal in number to fifteen percent (15%) of all soybean producers in the state.
(B) If the petitions are filed and at the referendum election a majority of the Arkansas soybean producers voting on the question vote against the levy of two cents (2¢) per bushel on soybeans, the assessment shall not thereafter be levied.
(C) Only those soybean producers who produce soybeans in Arkansas in the crop year immediately preceding the referendum election shall be eligible to vote in the election.
(c)
(1) The proceeds of the assessment shall be deposited with the Treasurer of State into a special fund to be established for the Arkansas Soybean Promotion Board; provided, that the Secretary of the Department of Finance and Administration may deduct not more than three percent (3%) to cover the cost of collections.
(2) Disbursement shall be made only upon motion duly passed by the Arkansas Soybean Promotion Board and presented to the Treasurer of State and only for the purposes prescribed in this subchapter.