The ultimate onus is on the producer to ensure that the buyer repays the advance plus accrued interest and interest penalties in the event that repayment is delayed, under the terms of the Agricultural Marketing Programs Act. However, a different amount may be charged at the buyer's discretion. If you do not abide by the terms of the agreement, you will be in default and will be charged both an interest penalty and costs of recovery. The producer is responsible for paying interest up to and including the day repayments are received by the Ontario Corn Producers' Association. All corn on advance must have been sold or fed for advance to be interest free.
Direct payments are subject to interest.
A copy of the elevator storage receipt is required for corn stored in storage licensed under the Grain Elevator Storage Act. OCPA reserves the right to register liens for the advances issued. Advance payments will be forwarded to producers as soon as possible after receipt and approval of applications. OCPA reserves the right to require the applicant to substantiate statements made in the Declaration, either through a statement from the applicant's accountant or by providing a copy of income tax statements. Failure to provide this proof, upon request by OCPA, will result in the Producer not receiving the advance or being declared in default if the advance has been issued.