The commissioner, with the consent of the corporation, is authorized to exempt from the assessment penalty requirements set forth in this chapter those cotton growers for whom paying the assessment penalties would impose an undue financial hardship, and the commissioner is authorized to establish, upon the recommendation of the corporation, a payment plan in those hardship cases. This exemption shall be implemented as follows:
The commissioner, with the consent of the corporation, shall adopt rules and regulations defining the criteria to be used in determining financial hardship. However, no exemption shall be granted to any cotton grower who, after the amount of assessments and penalties otherwise due has been subtracted from his taxable net income, has a net income exceeding Fifteen Thousand Dollars ($15,000.00) for the year in which he seeks an exemption;
Any cotton grower who claims an exemption shall apply on a form prescribed by the commissioner. A separate application shall be filed for each calendar year in which a cotton grower claims an exemption. Each application shall contain an explanation of the conditions to be met for approval. An oath shall be included on the form that upon completion shall be returned to the commissioner;
The commissioner shall forward all completed exemption application forms to the corporation. The corporation shall determine from the information contained in the application forms whether or not the applicants qualify for a hardship exemption (exemption from penalty) and may recommend a payment plan to the commissioner; and
The corporation shall notify the commissioner of its determination, which shall be binding upon the applicants. Upon receipt of the determination of the corporation, the commissioner shall promptly notify each affected cotton grower of that determination. If an exemption has been denied, assessments and penalties for the year in which the application was made shall become due at the time they would otherwise have become due had no application for exemption been filed or within thirty (30) days after the date of the commissioner's notice of an adverse determination, whichever is later.