A bill for an act regulating the marketing of grain, and making penalties applicable.

This bill requires Iowa grain dealers and warehouse operators to submit annual financial statements accompanied by either an unqualified audit opinion from a licensed Iowa certified public accountant or a review report by such an accountant. It limits the department to requiring no more than one unqualified audit per year and specifies acceptable alternatives for financial reporting, such as qualified audit opinions unavoidable under accounting standards. The bill also clarifies title transfer in credit-sale contracts, mandates a 120-day deadline for grain sellers to file claims after a dealer's license ends or bankruptcy, and establishes a 180-day process for grain dealers to terminate liens if their license remains active. These provisions aim to enhance financial transparency and streamline claim procedures in grain transactions.