(a) There is imposed and levied an assessment at the rate of one cent (1¢) per bushel on all soybeans grown within the state of Tennessee, by producers desiring to execute forms stating their desire to participate as set out in this section, and this assessment shall be deducted by the purchaser from the amount paid the producer at the first point of sale. The producer shall so indicate the choice to participate or not on proper forms provided by the department of agriculture, referred to in this part as the “department,” and that are available at every facility where soybeans are purchased from producers. If a producer elects not to participate, the purchaser shall not withhold the assessment at the time of the sale or at any later time.

(b) The total assessment imposed and levied by this part shall be payable to and collected by the department, from the purchaser of such soybeans at the first point of sale, within ten (10) days after the end of each calendar quarter. The proceeds of the assessment collected by the department shall then be deposited in a special fund to be established as the “Tennessee soybean promotion fund,” and disbursement from the fund shall be made upon authorization of the commissioner of agriculture and the commissioner of finance and administration as requested, on requisitions signed by the chair and secretary-treasurer of the Tennessee soybean promotion board.

(c) The commissioner shall quarterly pay over to the Tennessee soybean promotion fund all funds collected, less not more than ten percent (10%) of the gross amount collected for department expenses. The quarterly settlement to the board shall be made on or before the twentieth day of October, January, April and July of each year, and shall be accompanied by a complete report of all funds collected, disbursed, and associated departmental expenses.

(d) Each purchaser shall keep a complete and accurate record of all soybeans handled by that purchaser, and shall furnish each producer with a signed sales slip showing the number of bushels purchased from the producer and the amount deducted by the purchaser for the Tennessee soybean promotion fund or noting the producer's exemption under subsection (a). 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 of the department. Every purchaser, 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 part. The department has 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 an agent, any books, papers and records that deal in any way with the payment of the assessment or enforcement of this part.