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Amendments › SF 2401

Amendment S-5113 to SF 2401

Regulating the marketing of grain, by providing for fees paid by grain dealers and warehouse operators into the grain depositors and sellers indemnity fund, and the payment of claims to reimburse sellers and depositors for losses covered by the fund, and including effective date provisions

Adopted · April 2, 2024

Filed April 1, 2024 in the Senate by Sen. Kerry Gruenhagen (R)

What it changes

  1. Page 1, before line 1 by inserting: “DIVISION I CLAIMS AGAINST GRAIN DEPOSITORS AND SELLERS INDEMNITY FUND”
  2. Page 2, line 2, by striking “sixteen” and inserting “twelve”
  3. Page 2, line 12, by striking “eight” and inserting “five”
  4. Page 2, lines 18 and 19, by striking “transferred title to the grain” and inserting “delivered the grain, and transferred title to the that grain ,”
  5. Page 2, line 27, before “Act” by inserting “division of this”
  6. Page 2, lines 34 and 35, by striking “July 1 of the fourth” and inserting “September 1 of the first”
  7. Page 3, line 2, before “Act” by inserting “division of this”
  8. Page 3, line 4, before “Act” by inserting “division of this”
  9. Page 3, after line 6 by inserting: “DIVISION ___ ASSESSMENT YEAR Sec. ___. Section 203D.3, subsection 3, Code 2024, is amended to read as follows:
  10. The assessment year of the fund begins September is the same as the state fiscal year beginning on July 1 and ends ending on August 31 June 30 . Assessment quarters of the fund begin September on July 1, December October 1, March January 1, and June April
  11. The finances of the fund shall be calculated on an accrual basis in accordance with generally accepted accounting principles. Sec. ___. Section 203D.5, subsection 1, Code 2024, is amended to read as follows:
  12. The board shall annually review the debits of and credits to the grain depositors and sellers indemnity fund created in section 203D.3 and shall determine whether to impose the participation fee and per-bushel fee as provided in section 203D.3A , make adjustments to the fees effective on the previous September July 1, or waive the fees as necessary to comply with this section . The board shall make the determination not later than May 1 of each year. The board shall impose the fees or adjust the fees effective on the previous September July 1 in accordance with chapter 17A . The imposition or adjustment of the fees shall become effective as follows: a. For the participation fee, on the following September July
  13. However, the licensee shall continue to pay the participation fee at the rate in effect on the prior September July 1, until the licensee has paid the amount owing. b. For a per-bushel fee, on the following September July
  14. Sec. ___. Section 203D.5, subsection 4, paragraph a, Code 2024, is amended to read as follows: a. The participation fee shall be waived and shall not be assessable or owing for the following assessment year of the fund. However, the licensee shall continue to pay any owing participation fee that was in effect on the prior September July
  15. Sec. ___. CONTINGENT EFFECTIVE DATE.
  16. This division of this Act takes effect on the publication date of the issue of the Iowa administrative bulletin that includes a notice by the secretary of agriculture stating that the participation fee and per-bushel fee paid by grain dealers and warehouse operators have been waived as provided in section 203D.5.
  17. The department of agriculture and land stewardship shall send a copy of the notice to the Code editor at least two weeks prior to the publication date of the Iowa administrative bulletin as described in subsection l.”
  18. By renumbering as necessary.

Official amendment (PDF) · In the Bill Book