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Text: HF00579                           Text: HF00581
Text: HF00500 - HF00599                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 580

Partial Bill History

Bill Text

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, and
  1  6 includes or a contract which is titled as a credit sale
  1  7 contract, including but is not 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, and
  1 15 includes or a contract which is titled as a credit sale
  1 16 contract, including but is not 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 1281HH 76
  2  2 da/jj/8
     
Text: HF00579                           Text: HF00581
Text: HF00500 - HF00599                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index
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