Text: SF02293 Text: SF02295 Text: SF02200 - SF02299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 203.3, subsection 4, paragraph a, Code 1 2 2001, is amended to read as follows: 1 3 a. The grain dealer shall have and maintain a net worth of 1 4 at leastseventy-fiveone hundred fifty thousand dollars, or 1 5 maintain a deficiency bond or an irrevocable letter of credit 1 6 in the amount of two thousand dollars for each one thousand 1 7 dollars or fraction thereof of net worth deficiency. However, 1 8 a person shall not be licensed as a class 1 grain dealer if 1 9 the person has a net worth of less than thirty-seven thousand 1 10 five hundred dollars. 1 11 Sec. 2. Section 203.15, subsection 8, paragraph e, Code 1 12 2001, is amended to read as follow: 1 13 e. The grain dealer's total liabilities are greater than 1 14seventy-fivesixty-five percent of the grain dealer's total 1 15 assets. 1 16 EXPLANATION 1 17 This bill amends provisions in Code chapter 203 regulating 1 18 grain dealers including requirements for offering credit sale 1 19 contracts. 1 20 The term "credit sale contract" is currently defined to 1 21 mean a contract for the sale of grain pursuant to which the 1 22 sale price is to be paid more than 30 days after the delivery 1 23 of the grain to the buyer. It includes any contract that is 1 24 titled as a credit sale contract, and includes but is not 1 25 limited to those contracts commonly referred to as deferred- 1 26 payment contracts, deferred-pricing contracts, and price-later 1 27 contracts. 1 28 The bill increases the net worth requirements for grain 1 29 dealers in order to receive class 1 licenses. It also 1 30 decreases the grain dealer's total liabilities as a percent of 1 31 the grain dealer's total assets required for a grain dealer to 1 32 purchase grain by credit sale contract. 1 33 Generally a licensee who violates a provision of the bill 1 34 is guilty of a simple misdemeanor. With respect to a 1 35 continuing violation, each day that the violation continues is 2 1 a separate offense. A simple misdemeanor is punishable by 2 2 confinement for no more than 30 days or a fine of at least $50 2 3 but not more than $500, or by both. 2 4 LSB 6012SV 79 2 5 da/sh/8
Text: SF02293 Text: SF02295 Text: SF02200 - SF02299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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