Amendment vs bill Amendment S-3145 vs Enrolled

Struck = removed from the bill · added = the amendment's new text.

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Senate File 608 - Enrolled Senate File 608 AN ACT 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 AND APPLICABILITY PROVISIONS.
House Amendment to Senate File 608 S-3145 Amend Senate File 608, as amended, passed, and reprinted by the Senate, as follows:
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1.
Section 1.
By striking everything after the enacting clause and inserting:
<Section 1.
Senate File 608, p.
NEW SUBSECTION .
2 NEW SUBSECTION .
An opinion that is qualified because of a limited audit procedure or because the scope of an audit is limited shall not be accepted by the department.
An opinion that is qualified because of a limited audit procedure or because SF 608.1879.H (1) 91 -1- md 1/24 the scope of an audit is limited shall not be accepted by the department.
Senate File 608, p.
Sec.
3 Sec.
The grain dealer may elect, however, to submit a financial statement that is accompanied by the report of a certified public accountant licensed in this state that is based upon a review performed by the certified public accountant in lieu of the audited financial statement specified in this paragraph.
The grain dealer may elect, however, to submit a financial statement that is accompanied by the report of a certified public accountant licensed in this state that is based upon SF 608.1879.H (1) 91 -2- md 2/24 a review performed by the certified public accountant in lieu of the audited financial statement specified in this paragraph.
If the seller does not make a demand, the grain dealer shall pay the purchase price not later than thirty days after delivery by the seller unless in last date for scheduled payments made by the licensed grain dealer to sellers for delivered grain according to the grain dealer’s standard Senate File 608, p.
If the seller does not make a demand, the grain dealer shall pay the purchase price not later than thirty days after delivery by the seller unless in last date for scheduled payments made by the licensed grain dealer to sellers for delivered grain according to the grain dealer’s standard business operation as provided by rules adopted by the department.
4 business operation as provided by rules adopted by the department.
The department shall adopt rules pursuant to chapter 17A for a grain dealer’s payment by check and electronic funds transfer.
The department shall adopt rules SF 608.1879.H (1) 91 -3- md 3/24 pursuant to chapter 17A for a grain dealer’s payment by check and electronic funds transfer.
All The grain dealer shall maintain credit-sale contract forms in the possession of the grain dealer shall .
All The grain dealer shall maintain credit-sale contract forms in the possession of the grain dealer shall.
Senate File 608, p.
The department may require the credit-sale contract forms to distinguish between the purchase of grain by deferred-pricing contract or deferred-payment contract.
5 The department may require the credit-sale contract forms to distinguish between the purchase of grain by deferred-pricing contract or deferred-payment contract.
The record shall must include the disposition of each numbered form, whether by execution, destruction, or otherwise.
The record shall must include the disposition of each numbered SF 608.1879.H (1) 91 -4- md 4/24 form, whether by execution, destruction, or otherwise.
Title to all grain sold If a grain dealer purchases grain by a credit-sale contract, is in the purchasing grain dealer as of the time the contract is executed, unless the contract provides otherwise transferred title to the grain upon the grain’s delivery to the grain dealer.
Title to all grain sold If a grain dealer purchases grain by a credit-sale contract,is in the purchasing grain dealer as of the time the contract is executed, unless the contract provides otherwise transferred title to the grain upon the grain’s delivery to the grain dealer.
The grain dealer fails at any time to maintain fifty cents of net worth for each outstanding bushel of grain Senate File 608, p.
The grain dealer fails at any time to maintain fifty cents of net worth for each outstanding bushel of grain purchased under credit by credit-sale contract.
6 purchased under credit by credit-sale contract.
The However, the grain dealer may maintain a deficiency bond or an irrevocable letter of credit in the amount of two thousand dollars for each one thousand dollars or fraction thereof of SF 608.1879.H (1) 91 -5- md 5/24 deficiency in net worth.
The However, the grain dealer may maintain a deficiency bond or an irrevocable letter of credit in the amount of two thousand dollars for each one thousand dollars or fraction thereof of deficiency in net worth.
A The grain dealer who is also a warehouse operator licensed by the department of agriculture and land stewardship under chapter 203C or the United States department of agriculture under the United States Warehouse Act, and who does not the warehouse operator fails to have a sufficient quantity or quality of grain to satisfy the warehouse operator’s obligations based on an examination by the department of agriculture and land stewardship or the United States department of agriculture shall not purchase grain on credit-sale contract to correct the shortage of grain.
A The grain dealer who is also a warehouse operator licensed by the department of agriculture and land stewardship under chapter 203C or the United States department of agriculture under the United States Warehouse Act, and who does not the warehouse operator fails to have a sufficient quantity or quality of grain to satisfy the warehouse operator’s obligations based on an examination by the department of agriculture and land stewardship or the United States department of agriculture shall not purchase grain on credit-sale contract to correct the shortage of grain .
(a) The fails to submit to the department the grain dealer’s last financial statement required to be submitted to the department pursuant to section 203.3 is accompanied by an unqualified opinion based upon an audit performed by a certified public accountant licensed in this state as required pursuant to section 203.3.
(a) The fails to submit to the department the grain dealer’s last financial statement required to be submitted to the department pursuant to section 203.3 is accompanied by an unqualified opinion based upon an audit performed by a certified public accountant licensed in this state as required pursuant to section 203.3 .
However, if an adequate replacement bond is filed with the department, the department may authorize the cancellation of the original bond before the end of the Senate File 608, p.
However, if an adequate replacement bond is filed with the department, the department may authorize the cancellation of the original bond before the end of the SF 608.1879.H (1) 91 -6- md 6/24 ninety-day period.
7 ninety-day period.
b.
SF 608.1879.H (1) 91 -7- md 7/24 b.
The form for the acknowledgment shall be prescribed by the department, and the.
The form for the acknowledgment shall be prescribed by the department, and the .
The licensed grain dealer and the seller shall each be provided a copy of the acknowledged form .
The licensed grain dealer and the seller shall each be provided a copy of the acknowledged form.
Senate File 608, p.
Sec.
8 Sec.
A warehouse operator shall submit financial statements to the department in addition to those the financial statement accompanied by an unqualified opinion as required in this paragraph if the department determines that it is necessary to verify the warehouse operator’s financial status or compliance with this subsection section .
A warehouse operator shall submit financial statements to the department in addition to those the financial statement accompanied by an unqualified opinion as required in this paragraph if the department determines that it is necessary to verify the warehouse operator’s financial status or compliance with this subsection section.
b.
SF 608.1879.H (1) 91 -8- md 8/24 b.
An opinion that is qualified because of a limited audit procedure or because Senate File 608, p.
An opinion that is qualified because of a limited audit procedure or because the scope of an audit is limited shall not be accepted by the department.
9 the scope of an audit is limited shall not be accepted by the department.
A warehouse operator shall submit financial statements to the department in addition to those the financial statement accompanied by an unqualified opinion as required in this paragraph if the department determines that it is necessary to verify the warehouse operator’s financial status or compliance with this subsection section .
A warehouse operator shall submit financial statements to the department in addition to those the financial statement accompanied by an unqualified opinion as required in this paragraph if the department determines that it is necessary to verify the warehouse operator’s financial status or compliance with this subsection section.
“Indemnity fees” or “fees” means a participation fee and per-bushel fee as provided in sections 203D.3 and 203D.3A.
“Indemnity fees” or “fees” means a participation fee and per-bushel fee as provided in sections SF 608.1879.H (1) 91 -9- md 9/24 203D.3 and 203D.3A.
(1) Grain entered in the company-owned paid position as Senate File 608, p.
(1) Grain entered in the company-owned paid position as evidenced on the grain dealer’s daily position record.
10 evidenced on the grain dealer’s daily position record.
(1) A person licensed as a grain dealer in any jurisdiction who sells grain to a licensed grain dealer.
(1) A person licensed as a grain dealer in any SF 608.1879.H (1) 91 -10- md 10/24 jurisdiction who sells grain to a licensed grain dealer.
Indemnify depositors and sellers who have submitted eligible claims to the department as provided in section Senate File 608, p.
Indemnify depositors and sellers who have submitted eligible claims to the department as provided in section sections 203D.6 and to pay the administrative costs of this chapter 203D.6A.
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11 sections 203D.6 and to pay the administrative costs of this chapter 203D.6A.
The department shall collect indemnity fees, including participation fees and per-bushel fees as provided in this section, if established imposed by the board pursuant to section 203D.5, at rates determined by the board as provided in that section.
The department shall collect indemnity fees, including participation fees and per-bushel fees as provided in this SF 608.1879.H (1) 91 -11- md 11/24 section, if established imposed by the board pursuant to section 203D.5, at rates determined by the board as provided in that section.
(b) For a licensed warehouse operator, the anniversary date is the last date to apply for the renewal of the warehouse Senate File 608, p.
(b) For a licensed warehouse operator, the anniversary date is the last date to apply for the renewal of the warehouse operator’s license before the license expires as provided in section 203C.37.
12 operator’s license before the license expires as provided in section 203C.37.
However, the licensee may elect to remit the participation fee on four successive installment dates, with each installment date occurring on in the month succeeding the last date of the fund’s assessment quarter as provided in section 203D.3, on a date determined by rules adopted by the department.
However, the licensee may elect to remit the participation fee on four successive installment dates, with each installment date occurring on in the month succeeding the last date of the fund’s assessment quarter as provided in section 203D.3, on a date determined by rules adopted by the department .
However, nothing in this subsection prevents a licensee from paying the participation fee on an accelerated basis.
However, nothing in this subsection prevents a licensee from paying the participation fee on an SF 608.1879.H (1) 91 -12- md 12/24 accelerated basis.
(2) For a licensed warehouse operator, the anniversary date is the last date to apply for the renewal of the warehouse operator’s license before the license expires as provided in section 203C.37.
(2) For a licensed warehouse operator, the anniversary date is the last date to apply for the renewal of the warehouse operator’s license before the license expires as provided in section 203C.37 .
A licensee licensed grain dealer is delinquent if the Senate File 608, p.
A licensee licensed grain dealer is delinquent if the licensee grain dealer fails to submit remit the full quarterly per-bushel fee or quarterly forms and form when due or if, upon examination, an underpayment of the fee is found by the department.
13 licensee grain dealer fails to submit remit the full quarterly per-bushel fee or quarterly forms and form when due or if, upon examination, an underpayment of the fee is found by the department.
The department may establish and apply a margin of error in determining whether a licensed grain dealer is delinquent.
The department may establish and apply a margin of error in determining whether a licensed grain dealer SF 608.1879.H (1) 91 -13- md 13/24 is delinquent.
If on the last date of the fund’s assessment year as Senate File 608, p.
If on the last date of the fund’s assessment year as provided in section 203D.3 the assets of the fund exceed eight sixteen million dollars, less any encumbered balances or pending or unsettled claims, all of the following apply:
14 provided in section 203D.3 the assets of the fund exceed eight sixteen million dollars, less any encumbered balances or pending or unsettled claims, all of the following apply:
However, the licensee shall continue to pay remit any owing participation fee that was in effect on the prior September 1.
However, the licensee shall continue to pay remit any owing participation fee that SF 608.1879.H (1) 91 -14- md 14/24 was in effect on the prior September 1.
The per-bushel fee as provided in section 203D.3A shall be waived and shall not be assessable or owing for the following assessment year .
The per-bushel fee as provided in section 203D.3A shall be waived and shall not be assessable or owing for the following assessment year.
For purposes of this paragraph, a claim derives from a covered Senate File 608, p.
For purposes of this paragraph, a claim derives from a covered transaction if the claimant is a incurred a dollar value loss as any of the following:
15 transaction if the claimant is a incurred a dollar value loss as any of the following:
(a) A depositor who delivered the grain to a licensed SF 608.1879.H (1) 91 -15- md 15/24 warehouse operator.
(a) A depositor who delivered the grain to a licensed warehouse operator.
(b) If the warehouse operator has filed a petition in Senate File 608, p.
SF 608.1879.H (1) 91 -16- md 16/24 (b) If the warehouse operator has filed a petition in bankruptcy, the dollar value loss shall be presumed to be based upon the fair market price, free-on-board from the site of the warehouse operator, being paid to producers for grain by the grain terminal operator nearest the warehouse operator on the date the petition was filed.
16 bankruptcy, the dollar value loss shall be presumed to be based upon the fair market price, free-on-board from the site of the warehouse operator, being paid to producers for grain by the grain terminal operator nearest the warehouse operator on the date the petition was filed.
However, the (d) The board may accept an alternative valuation of a claim dollar value loss upon a showing of just cause by the depositor or department.
However, the (d) The board may accept an alternative valuationof a claim dollar value loss upon a showing of just cause by the depositor or department.
(1) The dollar value of a claim The board shall determine an eligible claim’s dollar value loss incurred by a seller who has sold grain or delivered grain for sale or exchange and who is a creditor of the licensed grain dealer for all or part of the value of the grain shall be based on the amount stated on the obligation on the date of the sale.
(1) The dollar value of a claim The board shall determine an eligible claim’s dollar value loss incurred by a seller who has sold grain or delivered grain for sale or SF 608.1879.H (1) 91 -17- md 17/24 exchange and who is a creditor of the licensed grain dealer for all or part of the value of the grain shall be based on the amount stated on the obligation on the date of the sale.
(a) If the sold grain was unpriced, the dollar value of a claim loss shall be presumed to be based upon the fair market Senate File 608, p.
(a) If the sold grain was unpriced, the dollar value of a claim loss shall be presumed to be based upon the fair market price, free-on-board from the site of the grain dealer, being paid to producers for grain by the grain terminal operator nearest the grain dealer on the incurrence date of the license revocation or cancellation or the filing of a petition in bankruptcy.
17 price, free-on-board from the site of the grain dealer, being paid to producers for grain by the grain terminal operator nearest the grain dealer on the incurrence date of the license revocation or cancellation or the filing of a petition in bankruptcy.
Upon a determination by the board that the claim is an eligible for payment claim satisfies the requirements in subsection 4, the board shall provide for payment of ninety percent of the loss, as determined under indemnify the claimant as a depositor under subsection 5, but not more than three hundred thousand dollars per claimant and a seller under subsection 6 .
Upon a determination by the board that the claim is an eligible for payment claim satisfies the requirements in subsection 4 , the board shall provide for payment of ninety percent of the loss, as determined under indemnify the claimant as a depositor undersubsection 5, but not more than three hundred thousand dollars per claimant and a seller under SF 608.1879.H (1) 91 -18- md 18/24 subsection 6.
Subject to the indemnification limit described in paragraph “c”, the board shall indemnify a claimant ninety percent of the combined dollar value losses, including any Senate File 608, p.
Subject to the indemnification limit described in paragraph “c”, the board shall indemnify a claimant ninety percent of the combined dollar value losses, including any repayment loss, incurred by the claimant as described in paragraph “a”, except for a segregated dollar value loss incurred from the sale of grain by credit-sale contract.
18 repayment loss, incurred by the claimant as described in paragraph “a”, except for a segregated dollar value loss incurred from the sale of grain by credit-sale contract.
(1) If at any time the board determines that there are insufficient funds moneys in the fund to make payment of fully indemnify all eligible claims, the board may shall order that payment be deferred on specified claims.
(1) If at any time the board determines that there SF 608.1879.H (1) 91 -19- md 19/24 are insufficient funds moneys in the fund to make payment of fully indemnify all eligible claims, the board may shall order that payment be deferred on specified claims.
(a) First, by indemnifying all claims for dollar value losses other than segregated dollar value losses arising from the sale of grain by credit-sale contract as provided in subsection 4.
(a) First, by indemnifying all claims for dollar value losses other than segregated dollar value losses arising from the sale of grain by credit-sale contract as provided in subsection 4 .
(b) Second, by indemnifying all claims for segregated dollar value losses arising from the sale of grain by Senate File 608, p.
(b) Second, by indemnifying all claims for segregated dollar value losses arising from the sale of grain by deferred-pricing contract as provided in subsection 4.
19 deferred-pricing contract as provided in subsection 4.
Sec.
SF 608.1879.H (1) 91 -20- md 20/24 Sec.
Senate File 608, p.
2.
20 2.
The board shall determine that a repayment claim is eligible for indemnification from the fund if the board finds all of the following:
The board shall determine that a repayment claim is SF 608.1879.H (1) 91 -21- md 21/24 eligible for indemnification from the fund if the board finds all of the following:
The dollar value loss of a repayment claim is the amount the seller has paid back to a grain dealer’s bankruptcy estate that the seller previously received from the grain dealer’s purchase of the grain, if paying back the amount was the result of an order issued, judgment entered, or settlement agreement Senate File 608, p.
The dollar value loss of a repayment claim is the amount the seller has paid back to a grain dealer’s bankruptcy estate that the seller previously received from the grain dealer’s purchase of the grain, if paying back the amount was the result of an order issued, judgment entered, or settlement agreement approved by a bankruptcy court, and which has not been recovered through other legal or equitable remedies including the liquidation of the grain dealer’s assets.
21 approved by a bankruptcy court, and which has not been recovered through other legal or equitable remedies including the liquidation of the grain dealer’s assets.
A seller whose repayment claim has been refused by the board may appeal the refusal to either the district court of Polk county or the district court of the county in which the seller resides.
A seller whose repayment claim has been refused by the board may appeal the refusal to either the district SF 608.1879.H (1) 91 -22- md 22/24 court of Polk county or the district court of the county in which the seller resides.
(1) Provide for the fund’s subrogation or render all Senate File 608, p.
(1) Provide for the fund’s subrogation or render all necessary assistance to the department and the board in securing the department’s rights of subrogation as required in this section.
22 necessary assistance to the department and the board in securing the department’s rights of subrogation as required in this section.
The department of agriculture and land stewardship shall adopt emergency rules under section 17A.4, subsection 3, and section 17A.5, subsection 2, paragraph “b”, to implement the provisions of this Act within thirty business days of the effective date of this section of this Act and shall submit such rules to the administrative rules coordinator and the administrative code editor pursuant to section 17A.5, subsection 1, within the same period.
The department of agriculture and land stewardship shall adopt emergency rules under section 17A.4, subsection 3, and section 17A.5, subsection 2, paragraph SF 608.1879.H (1) 91 -23- md 23/24 “b”, to implement the provisions of this Act within thirty business days of the effective date of this section of this Act and shall submit such rules to the administrative rules coordinator and the administrative code editor pursuant to section 17A.5, subsection 1, within the same period.
Senate File 608, p.
2.
23 2.
For a repayment loss incurred prior to July 1, 2025, the end of the claim period in section 203D.6A, subsection 2, as enacted by this Act, is August 29, 2025.> SF 608.1879.H (1) 91 -24- md 24/24
For a repayment loss incurred prior to July 1, 2025, the end of the claim period in section 203D.6A, subsection 2, as enacted by this Act, is August 29, 2025.
______________________________ ______________________________ AMY SINCLAIR PAT GRASSLEY President of the Senate Speaker of the House I hereby certify that this bill originated in the Senate and is known as Senate File 608, Ninety-first General Assembly.
______________________________ W.
CHARLES SMITHSON Secretary of the Senate Approved _______________, 2025 ______________________________ KIM REYNOLDS Governor