Iowa · statute · Iowa Code ch. 203 · 23 active provisions
As used in this chapter, unless the context otherwise requires: 1. “Bond” means a bond issued by a surety company or an irrevocable letter of credit issued by a financial institution described in subsection 9. 2. “Check” means a paper instrument used for ordering, instructing, or authorizing a financial institution to…
The department may exercise general supervision over the business operations of grain dealers. The supervisory and regulatory powers authorized by this chapter shall be the responsibility of the warehouse bureau of the department. The department may inspect or cause to be inspected any grain dealer operating in this st…
1. This section applies to a person who is not required to be issued a license as a grain dealer pursuant to section 203.3. The person shall not purchase grain from a producer for purposes of resale, milling, feeding, or processing. 2. Subsection 1 does not apply to any of the following: a. A person who purchases less…
1. A person shall not engage in the business of a grain dealer in this state without having obtained a license issued by the department. 2. The type of license required shall be determined as follows: a. A class 1 license is required if the grain dealer purchases any grain by credit-sale contract, or if the value of gr…
A grain dealer licensed or required to be licensed pursuant to section 203.3 shall participate in and comply with the grain depositors and sellers indemnity fund provided in chapter 203D.
1. a. Upon the filing of an application on a form prescribed by the department and compliance with the terms and conditions of this chapter including rules of the department, the department shall issue the applicant a grain dealer’s license. The license expires at the end of the third calendar month following the close…
The department shall charge the following fees for deposit in the general fund: 1. a. For the issuance or renewal of a license required under section 203.3, and for any inspection of a grain dealer, the fee shall be determined on the basis of all bushels of grain purchased during the grain dealer’s previous fiscal year…
The grain dealer’s license shall be posted in a conspicuous location in the place of business. A grain dealer’s license is not transferable.
1. a. A grain dealer licensed or required to be licensed pursuant to section 203.3 shall pay the purchase price to the seller for grain as follows: 1. Upon delivery or later upon demand by the seller. If the seller does not make a demand, the grain dealer shall pay the purchase price not later than the last date for sc…
1. The department may inspect the premises used by any grain dealer in the conduct of the dealer’s business at any time. The department may inspect a grain dealer’s records that pertain to grain transactions during ordinary business hours. The department shall inspect a grain dealer’s records at least once each eightee…
1. The cessation of a grain dealer’s license occurs from any of the following: a. The revocation of the license by the department as provided in subsection 2. b. The cancellation of the license as provided in section 203.5. c. The expiration of the license according to the terms of the license as provided in this chapt…
1. A person who knowingly submits false information to or knowingly withholds information from the department or any of its employees when required to be submitted or maintained under this chapter, commits a fraudulent practice. 2. a. Except as provided in paragraph “b”, a person commits a serious misdemeanor if the pe…
1. The department shall establish, by rule, civil penalties which may be administratively or judicially assessed against a grain dealer for a violation of this chapter. 2. The amount of a civil penalty shall not exceed one thousand five hundred dollars. Each day that a violation continues shall constitute a separate vi…
1. Upon the cessation of a grain dealer license by revocation, cancellation, or expiration, any claim for the purchase price of grain against the grain dealer shall be made in writing and filed with the grain dealer and with the issuer of a deficiency bond or of an irrevocable letter of credit and with the department w…
1. a. As used in this section: 1. “Grain dealer assets” includes proceeds received or due a grain dealer upon the sale, including exchange, collection, or other disposition, of grain sold by the grain dealer. “Grain dealer assets” also includes any other funds or property of the grain dealer which can be directly trace…
1. As used in this section: a. “Grain dealer assets” means the same as defined in section 203.12A, including any proceeds from a deficiency bond or irrevocable letter of credit, or any insurance policy relating to those assets. b. “Interested seller” means a person who delivers or has delivered grain to a grain dealer…
Nothing in this chapter shall be construed to imply any guarantee or obligation on the part of the state of Iowa, or any of its agencies, employees or officials, either elective or appointive, in respect to any agreement or undertaking to which the provisions of this chapter relate.
A grain dealer shall not purchase grain by credit-sale contract except as provided in this section. 1. The grain dealer shall be licensed pursuant to section 203.3. All of the following apply to a grain dealer required to be licensed under that section who purchases grain by credit-sale contract: a. The meaning of “cre…
Notwithstanding chapter 22, all financial statements of grain dealers under this chapter shall be kept confidential by the department and its agents and employees and are not subject to disclosure except as follows: 1. Upon waiver by the licensee. 2. In actions or administrative proceedings commenced under this chapter…
1. The department may adopt rules specifying the form, content, use, and maintenance of documents issued by a grain dealer under this chapter including but not limited to scale weight tickets, settlement sheets, daily position records, and credit-sale contracts. The department may adopt rules for both printed and elect…
1. Notwithstanding the other provisions of this chapter, the department may enter into cooperative agreements with other states for the purpose of making available to those states the information acquired under the bonding, licensing, and examination procedures of this chapter. 2. If a cooperative agreement is in effec…
1. A person who, in connection with the receipt of grain for storage, processing, or sale, adjusts the scale weight of the grain to compensate for the moisture content of the grain shall compute the amount of the adjustment by multiplying the scale weight of the grain by that factor which results in a rate of adjustmen…
The department shall develop a system to prioritize the inspections of grain dealers provided in section 203.9. The system of prioritization shall be computed each year based on the risk of loss to the grain depositors and sellers indemnity fund caused by the possible insolvency of the grain dealer. The department shal…