Senate File 608 amends Iowa law concerning the marketing of grain, particularly focusing on credit-sale contracts and the indemnity fund for sellers. The bill introduces new definitions for "deferred-payment contract" and "deferred-pricing contract," clarifying the payment obligations of grain dealers to sellers. It requires grain dealers to pay sellers upon delivery or demand and modifies the financial statement submission requirements, mandating unqualified opinions from certified public accountants. The bill also outlines the indemnification process for sellers under credit-sale contracts, specifying eligibility for claims based on the type of contract, with sellers of deferred-pricing contracts able to claim up to 75% of their loss, while those under deferred-payment contracts are ineligible for indemnification.

Additionally, the bill revises the conditions for the grain depositors and sellers indemnity fund, including waiving fees if the fund's assets exceed sixteen million dollars and increasing the threshold for reinstating indemnity fees from three million to eight million dollars. It establishes a framework for sellers to file repayment claims following a grain dealer's bankruptcy, detailing eligibility criteria and the claims process. The bill also includes provisions for subrogation of rights to the fund and sets a five-year expiration for claims if documentation is not provided. Emergency rules for implementation are required within thirty business days of enactment, and indemnity fees for grain dealers will be assessed starting September 1 of the first assessment quarter.

Statutes affected:
Introduced: 203.12, 203D.6, 203C.14, 203D.3, 203D.1, 203D.5, 203D.3A
Reprinted: 203.12, 203D.6, 203C.14, 203D.3, 203D.1, 203D.5, 203D.3A
Enrolled: 203.1, 203.8, 203.3, 203.15, 203C.6, 203D.1, 203D.3, 203D.5, 203D.3A, 203D.6