A bill for 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.
What changed between versions
Created a new Chapter 203D to house all grain indemnity fund provisions, separating them from general grain dealer regulations.
Expanded the definition of 'purchased grain' to include grain entered in company-owned paid positions and intra-company location transfers.
Refined the definition of 'credit-sale contract' to explicitly include deficiency bonds and irrevocable letters of credit.
Changed the deadline for filing claims against the fund to 120 days after a grain dealer's license ceases, up from 30 days.
Updated financial statement requirements to allow for qualified opinions based on limited audits under specific circumstances.
Adjusted the per-bushel fee collection schedule to allow for quarterly installment payments rather than a single lump sum.
Extended the time limit for grain dealers to submit financial statements from 30 days to 120 days after license cessation.