The bill amends the Iowa Code to update the regulatory framework for grain marketing, specifically addressing the requirements for grain dealers and warehouse operators regarding financial statements and audits. It introduces provisions that allow the Department of Agriculture to accept financial statements accompanied by a review report from a certified public accountant, rather than requiring an unqualified opinion from an audit. Additionally, the bill limits the department to requesting only one unqualified opinion based on an audit per year from these entities. It also clarifies the conditions for transferring title to grain in credit-sale contracts and establishes a process for filing claims against grain dealers and warehouse operators in cases of bankruptcy or license cessation.

Moreover, the bill modifies the procedures for the Iowa grain indemnity fund, including the timeline for filing claims, which must now be done within 120 days of a grain dealer's license cessation or bankruptcy filing. It outlines the responsibilities of the Iowa grain indemnity fund board concerning these claims and enhances the indemnification process for sellers who need to repay amounts received from grain dealers in bankruptcy situations. Sellers are required to file repayment claims with the Department of Agriculture within 60 days following a bankruptcy court's default judgment or the approval of a settlement agreement. The amendments aim to improve financial accountability and protection for sellers and depositors in the grain market.

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