Text: HF02030 Text: HF02032 Text: HF02000 - HF02099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 202C.2, subsection 3, Code Supplement
1 2 2003, is amended to read as follows:
1 3 3. The amount of the evidence of financial responsibility
1 4 shall be established by rules which shall be adopted by the
1 5 department. Unless the department otherwise has good cause,
1 6 the rules shall be based upon the volume of sales of feeder
1 7 pigs as provided in this subsection. The volume of sales
1 8 shall be the same as reported by the dealer to the United
1 9 States department of agriculture grain inspection, packers and
1 10 stockyards administration. However, the volume of sales shall
1 11 not include sales attributable to a sales agreement executed
1 12 between a dealer and another party if both parties hold an
1 13 ownership interest in the feeder pigs. In addition, the
1 14 evidence of financial responsibility shall not be for less
1 15 than fifty thousand dollars or for more than three hundred
1 16 thousand dollars.
1 17 EXPLANATION
1 18 During the 2003 Session, the general assembly enacted House
1 19 File 617 (Code chapter 202C), which provides that a dealer of
1 20 feeder pigs must file evidence of financial security with the
1 21 department of agriculture and land stewardship. The evidence
1 22 of financial security may be a bond or irrevocable letter of
1 23 credit. The dealer must file the evidence of financial
1 24 security before being licensed by the department to conduct a
1 25 feeder pig dealer business under Code section 163.30.
1 26 Code section 202C.2 provides that the amount of the
1 27 evidence of financial responsibility must be established by
1 28 departmental rule, which is generally based on the volume of
1 29 sales reported by the dealer to the United States department
1 30 of agriculture grain inspection, packers and stockyards
1 31 administration. This bill provides that the volume of sales
1 32 excludes those attributable to a sales agreement executed
1 33 between a dealer and another party if both parties hold an
1 34 ownership interest in the feeder pigs.
1 35 LSB 5502HH 80
2 1 da/pj/5
Text: HF02030 Text: HF02032 Text: HF02000 - HF02099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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