The bill amends various sections of the Iowa Code related to the regulation of grain dealers and warehouse operators. Key changes include the requirement for grain dealers and warehouse operators to submit financial statements accompanied by an unqualified opinion based on an audit performed by a certified public accountant. However, if a grain dealer does not purchase grain by credit-sale contract, the department may accept a qualified opinion or a financial statement accompanied by a review report instead. Additionally, the bill specifies that the department cannot require more than one unqualified opinion per year from these entities and allows for the submission of additional financial statements if necessary for verification of financial status.

Other notable amendments include clarifications on the transfer of title to grain under credit-sale contracts, the process for filing claims against grain dealers and warehouse operators in the event of bankruptcy, and the conditions under which the Iowa grain indemnity fund board must file termination statements. The bill also introduces a new provision regarding the timing of per-bushel fees passed on to sellers, ensuring that such fees occur at the time of payment. The act is deemed of immediate importance and takes effect upon enactment.

Statutes affected:
Introduced: 203.3, 203.8, 203.12, 203.12A, 203C.6, 203C.12A, 203D.3A, 203D.6, 203D.6A
Reprinted: 203.3, 203.8, 203.12, 203.12A, 203C.6, 203C.12A, 203D.3A, 203D.6, 203D.6A