Filed April 7, 2026 in the Senate by Sen. Mike Zimmer (D)
In plain words
AI summary This amendment changes the bond amounts for grain dealers, requiring a $100,000 bond for deferred-payment contracts and a $300,000 bond for deferred-pricing contracts. It also updates rules regarding how the department uses fund assets and specifies that the fund can pay for expenses related to inspecting grain dealers and warehouse operators.1
What it changes
- Page 3, by striking lines 19 through 21 and inserting: “(b) The grain dealer files a bond with the department. If the credit-sale contract is a deferred-payment contract, the amount of the bond is one hundred thousand dollars. If the credit-sale contract is a deferred-pricing contract, the amount of the bond is three hundred thousand dollars. The bond shall be payable to the department.”
- Page 5, after line 35 by inserting: “___. Page 7, after line 11 by inserting: “Sec. ___. Section 203D.3, subsection 2, paragraph f, Code 2026, is amended to read as follows: f. Interest, Any asset, including earnings on investments, property, or securities acquired through the use of moneys in the fund. Any such asset in the form of money shall not be expended by the department unless to indemnify eligible claims under this chapter. Sec. ___. Section 203D.3, subsection 4, paragraph b, Code 2026, is amended by striking the paragraph and inserting in lieu thereof the following: b. Pay for expenses directly related to the inspection of grain dealers under chapter 203 and warehouse operators under chapter 203C.””
- By renumbering as necessary.