Limitation on interest accrual

Section 508(d) of the Federal Crop Insurance Act (7 U.S.C. 1508(d)) is amended by inserting at the end the following new paragraph: (5) Limitation on interest accrual Effective beginning with the 2026 reinsurance year, in the case of a producer that is delinquent in paying a premium or administrative fee, an approved insurance provider may charge such producer with respect to such delinquency an amount less than or equal to 1 percent of the simple interest of the amount for which such producer is delinquent, for each month (not to exceed 60 consecutive months) the producer is so delinquent..