Text: HF00455 Text: HF00457 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 203.1, subsection 2, Code 1995, is 1 2 amended to read as follows: 1 3 2. "Credit-sale contract" means a contract for the sale of 1 4 grain pursuant to which the sale price is to be paid more than 1 5 thirty days after the delivery of the grain to the buyer,and1 6includesor a contract which is titled as a credit-sale 1 7 contract, including butisnot limited to those contracts 1 8 commonly referred to as deferred payment contracts, deferred 1 9 pricing contracts, and price-later contracts. 1 10 Sec. 2. Section 203C.1, subsection 4, Code 1995, is 1 11 amended to read as follows: 1 12 4. "Credit-sale contract" means a contract for the sale of 1 13 grain pursuant to which the sale price is to be paid more than 1 14 thirty days after the delivery of the grain to the buyer,and1 15includesor a contract which is titled as a credit-sale 1 16 contract, including butisnot limited to those contracts 1 17 commonly referred to as deferred-payment contracts, deferred- 1 18 pricing contracts, and price-later contracts. 1 19 EXPLANATION 1 20 This bill amends chapter 203, regulating grain dealers, and 1 21 chapter 203C, regulating grain warehouse operators. 1 22 Specifically, the bill amends the definition of credit-sale 1 23 contracts. A credit-sale contract is an instrument for the 1 24 sale of grain providing for delayed payment to the producer 1 25 based on some future sale of the grain. Producers who sell 1 26 grain by credit-sale contract do not receive financial 1 27 protection under the grain indemnity fund. Currently, a 1 28 credit-sale contract is defined to mean a contract for the 1 29 sale of grain if the sale price is to be paid more than 30 1 30 days after the delivery of the grain to the buyer, and 1 31 includes instruments commonly referred to as deferred payment 1 32 contracts, deferred pricing contracts, and price-later 1 33 contracts. This bill provides that a credit-sale contract 1 34 also means a contract which is titled as a credit-sale 1 35 contract and which may include those other instruments. 2 1 LSB 1281HV 76 2 2 da/jj/8
Text: HF00455 Text: HF00457 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
© 1996 Cornell College and League of Women Voters of Iowa
Comments? webmaster@legis.state.ia.us.
Last update: Mon Mar 4 09:34:06 CST 1996
URL: http://www2.legis.state.ia.us/GA/76GA/Legislation/HF/00400/HF00456/950316.html
jhf