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DIGEST OF INTRODUCED BILL
Delinquent payment for agricultural products. Establishes a late charge that certain purchasers of agricultural products owe if the purchasers are delinquent under a contract for the purchase of an agricultural product. Specifies that the late charge is 5% of the unpaid balance for the first month of delinquency and 1% of the unpaid balance for each subsequent month of delinquency. Permits a creditor to waive the late charge if the waiver is in writing and executed after the late charge accrues.