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Iowa Code § 203.2A

Grain purchasers who are not licensed grain dealers — special notice requirements

Redline — January 1, 2012 → current.View current text →
Current — January 1, 2014
As of January 1, 2012
A person shall not purchase grain from a producer for purposes of resale, milling, feeding, or processing, unless one of the following applies:
1. This section applies to a person who is not required to be issued a license as a grain dealer pursuant to section 203.3. The person shall not purchase grain from a producer for purposes of resale, milling, feeding, or processing.
1. The person is a grain dealer licensed pursuant to section 203.3.
2. Subsection 1 does not apply to any of the following:
2. The person has purchased less than fifty thousand bushels of grain from all producers in the twelve months prior to purchasing grain from the producer.
a. A person who purchases less than fifty thousand bushels of grain from all producers in the twelve months prior to purchasing grain from the producer.
3. a. The person provides notice to the producer. The notice shall be in the following form:
b. A person who provides notice to the producer as provided in subsection 3.
ATTENTION TO PRODUCERS:
THE PERSON PURCHASING THIS GRAIN IS NOT A LICENSED GRAIN DEALER AND THIS IS NOT A COVERED TRANSACTION ELIGIBLE FOR INDEMNIFICATION FROM THE GRAIN DEPOSITORS AND SELLERS INDEMNITY FUND AS PROVIDED IN IOWA CODE SECTION 203D.3
3. a. The notice must be in the following form:
Attention to Producers:
The person purchasing this grain is not a licensed grain dealer and this is not a covered transaction eligible for indemnification from the grain dealers and sellers indemnity fund as provided in Iowa Code section 203D.3
b. The notice shall be provided prior to or at the time of the purchase. The notice may appear on a separate statement or as part of a document received by the producer, including a contract or receipt, as required by the department.
b. The notice must be provided to the producer prior to or at the time of the purchase. The notice may appear on a separate statement or as part of a document received by the producer, including a contract or receipt, as required by the department.
c. The form of the notice shall be prescribed by the department. The notice shall appear in a printed boldface font in at least ten point type.
c. The notice must appear in a printed boldface font in at least ten point type.
99 Acts, ch 106, §4
99 Acts, ch 106, §4; 2012 Acts, ch 1095, §87

Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.