Senate
File
2465
H-8462
Amend
Senate
File
2465,
as
amended,
passed,
and
reprinted
by
1
the
Senate,
as
follows:
2
1.
By
striking
page
13,
line
28,
through
page
19,
line
30,
3
and
inserting:
4
<
PART
___
5
GRAIN
DEALERS
6
Sec.
___.
Section
203.3,
subsection
4,
paragraph
b,
Code
7
2026,
is
amended
to
read
as
follows:
8
b.
(1)
The
grain
dealer
shall
submit
to
the
department
,
9
as
required
by
the
department,
a
financial
statement
that
is
10
accompanied
by
an
unqualified
opinion
based
upon
an
audit
11
performed
by
a
certified
public
accountant
licensed
in
this
12
state.
13
(2)
Notwithstanding
subparagraph
(1),
if
a
grain
dealer
14
does
not
purchase
grain
by
credit-sale
contract,
the
department
15
may
accept
any
of
the
following:
16
(a)
A
qualification
in
an
opinion
based
on
an
audit
that
17
is
unavoidable
by
any
audit
procedure
that
is
permitted
under
18
generally
accepted
accounting
principles.
An
opinion
that
19
is
qualified
because
of
a
limited
audit
procedure
or
because
20
the
scope
of
an
audit
is
limited
shall
not
be
accepted
by
the
21
department.
22
(b)
A
financial
statement
that
is
accompanied
by
the
23
report
of
a
certified
public
accountant
licensed
in
this
24
state.
The
report
must
be
based
upon
a
review
performed
by
the
25
certified
public
accountant.
The
report
shall
be
in
lieu
of
an
26
unqualified
opinion
based
on
an
audit.
However,
at
any
time,
27
upon
good
cause,
the
department
may
require
the
grain
dealer
to
28
submit
to
the
department
a
subsequent
financial
statement
that
29
is
accompanied
by
the
report.
30
(3)
The
department
shall
not
require
that
a
grain
dealer
to
31
submit
to
the
department
more
than
one
such
unqualified
opinion
32
based
on
an
audit
per
year.
33
(4)
A
grain
dealer
shall
submit
one
or
more
financial
34
statements
to
the
department
in
addition
to
the
financial
35
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#1.
statement
accompanied
by
an
unqualified
opinion
based
on
1
an
audit
as
required
in
this
paragraph
if
the
department
2
determines
that
it
is
necessary
to
verify
the
grain
dealer’s
3
financial
status
or
compliance
with
this
section
.
4
Sec.
___.
Section
203.3,
subsection
5,
paragraph
b,
Code
5
2026,
is
amended
to
read
as
follows:
6
b.
(1)
The
grain
dealer
shall
submit
to
the
department
,
7
as
required
by
the
department,
a
financial
statement
that
is
8
accompanied
by
an
unqualified
opinion
based
upon
an
audit
9
performed
by
a
certified
public
accountant
licensed
in
this
10
state.
11
(2)
Notwithstanding
subparagraph
(1),
the
department
may
12
accept
any
of
the
following:
13
(a)
A
qualification
in
an
opinion
based
on
an
audit
that
14
is
unavoidable
by
any
audit
procedure
that
is
permitted
under
15
generally
accepted
accounting
principles.
An
opinion
that
16
is
qualified
because
of
a
limited
audit
procedure
or
because
17
the
scope
of
an
audit
is
limited
shall
not
be
accepted
by
the
18
department.
19
(b)
A
financial
statement
that
is
accompanied
by
the
20
report
of
a
certified
public
accountant
licensed
in
this
21
state.
The
report
must
be
based
upon
a
review
performed
by
the
22
certified
public
accountant.
The
report
shall
be
in
lieu
of
an
23
unqualified
opinion
based
on
an
audit.
However,
at
any
time,
24
upon
good
cause,
the
department
may
require
the
grain
dealer
to
25
submit
to
the
department
a
subsequent
financial
statement
that
26
is
accompanied
by
the
report.
27
(3)
The
department
shall
not
require
that
a
grain
dealer
to
28
submit
to
the
department
more
than
one
such
unqualified
opinion
29
based
on
an
audit
per
year.
30
(4)
A
grain
dealer
shall
submit
one
or
more
financial
31
statements
to
the
department
in
addition
to
the
financial
32
statement
accompanied
by
an
unqualified
opinion
based
on
an
33
audit
required
in
this
paragraph
if
the
department
determines
34
that
it
is
necessary
to
verify
the
grain
dealer’s
financial
35
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status
or
compliance
with
this
section
.
1
Sec.
___.
Section
203.8,
subsection
2,
paragraph
a,
Code
2
2026,
is
amended
to
read
as
follows:
3
a.
(1)
“Delivery”
Subject
to
subparagraph
(2),
“delivery”
4
means
the
transfer
of
title
to
and
possession
of
grain
by
a
5
seller
to
a
grain
dealer
or
to
another
person
in
accordance
6
with
the
terms
of
an
agreement
of
by
the
seller
and
the
grain
7
dealer.
8
(2)
Unless
title
to
grain
was
previously
transferred
9
pursuant
to
an
ordinary
cash-sale
contract,
title
to
grain
sold
10
by
credit-sale
contract
is
deemed
to
have
transferred
to
the
11
grain
dealer
when
all
of
the
following
occurs:
12
(a)
The
credit-sale
contract
is
signed
by
both
the
grain
13
dealer
and
the
seller.
14
(b)
The
grain
dealer
has
possession
of
the
grain
or
another
15
person
has
possession
of
the
grain
in
accordance
with
the
terms
16
of
the
credit-sale
contract.
17
Sec.
___.
Section
203.12,
subsection
1,
Code
2026,
is
18
amended
to
read
as
follows:
19
1.
Upon
the
cessation
of
a
grain
dealer
license
by
20
revocation,
cancellation,
or
expiration
pursuant
to
section
21
203.10
or
upon
the
filing
of
a
petition
in
bankruptcy
by
a
22
grain
dealer
,
any
claim
for
the
purchase
price
of
grain
against
23
the
grain
dealer
shall
be
made
in
writing
and
filed
with
the
24
grain
dealer
and
with
the
issuer
of
a
deficiency
bond
or
of
an
25
irrevocable
letter
of
credit
and
with
the
department
within
26
one
hundred
twenty
days
after
the
date
of
the
cessation
or
the
27
filing
of
a
petition
in
bankruptcy,
whichever
occurs
earlier
.
28
A
failure
to
make
this
timely
claim
relieves
the
issuer
and
the
29
grain
depositors
and
sellers
indemnity
fund
provided
in
chapter
30
203D
of
all
obligations
to
the
claimant.
31
Sec.
___.
Section
203.12A,
subsection
5,
Code
2026,
is
32
amended
to
read
as
follows:
33
5.
The
Iowa
grain
indemnity
fund
board,
upon
written
demand
34
of
the
grain
dealer,
shall
file
a
termination
statement
with
35
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the
secretary
of
state,
if
after
one
hundred
eighty
days
from
1
the
date
that
the
lien
is
perfected
the
grain
dealer’s
license
2
has
not
ceased
by
revocation,
cancellation,
or
expiration
3
pursuant
to
section
203C.10
.
Upon
filing
the
termination
4
statement,
the
lien
becomes
unperfected.
The
board
shall
5
also
deliver
a
copy
of
the
termination
statement
to
the
grain
6
dealer.
7
PART
___
8
GRAIN
OPERATORS
9
Sec.
___.
Section
203C.6,
subsection
4,
paragraph
b,
Code
10
2026,
is
amended
to
read
as
follows:
11
b.
(1)
The
warehouse
operator
shall
submit
to
the
12
department
,
as
required
by
the
department,
a
financial
13
statement
that
is
accompanied
by
an
unqualified
opinion
based
14
upon
an
audit
performed
by
a
certified
public
accountant
15
licensed
in
this
state.
16
(2)
Notwithstanding
subparagraph
(1),
the
department
may
17
accept
any
of
the
following:
18
(a)
A
qualification
in
an
opinion
based
on
an
audit
that
19
is
unavoidable
by
any
audit
procedure
that
is
permitted
under
20
generally
accepted
accounting
principles.
An
opinion
that
21
is
qualified
because
of
a
limited
audit
procedure
or
because
22
the
scope
of
an
audit
is
limited
shall
not
be
accepted
by
the
23
department.
24
(b)
A
financial
statement
that
is
accompanied
by
the
25
report
of
a
certified
public
accountant
licensed
in
this
26
state.
The
report
must
be
based
upon
a
review
performed
by
27
the
certified
public
accountant.
The
report
shall
be
in
lieu
28
of
an
unqualified
opinion
based
on
an
audit.
However,
at
any
29
time,
upon
good
cause,
the
department
may
require
the
warehouse
30
operator
to
submit
to
the
department
a
subsequent
financial
31
statement
that
is
accompanied
by
the
report.
32
(3)
The
department
shall
not
require
that
a
warehouse
33
operator
to
submit
to
the
department
more
than
one
such
34
unqualified
opinion
based
on
an
audit
per
year.
35
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(4)
A
warehouse
operator
shall
submit
one
or
more
financial
1
statements
to
the
department
in
addition
to
the
financial
2
statement
accompanied
by
an
unqualified
opinion
based
on
3
an
audit
as
required
in
this
paragraph
if
the
department
4
determines
that
it
is
necessary
to
verify
the
warehouse
5
operator’s
financial
status
or
compliance
with
this
section
.
6
Sec.
___.
Section
203C.6,
subsection
5,
paragraph
b,
Code
7
2026,
is
amended
to
read
as
follows:
8
b.
(1)
The
warehouse
operator
shall
submit
to
the
9
department
,
as
required
by
the
department,
a
financial
10
statement
that
is
accompanied
by
an
unqualified
opinion
based
11
upon
an
audit
performed
by
a
certified
public
accountant
12
licensed
in
this
state.
13
(2)
Notwithstanding
subparagraph
(1),
the
department
may
14
accept
any
of
the
following:
15
(a)
A
qualification
in
an
opinion
based
on
an
audit
that
16
is
unavoidable
by
any
audit
procedure
that
is
permitted
under
17
generally
accepted
accounting
principles.
An
opinion
that
18
is
qualified
because
of
a
limited
audit
procedure
or
because
19
the
scope
of
an
audit
is
limited
shall
not
be
accepted
by
the
20
department.
21
(b)
A
financial
statement
that
is
accompanied
by
the
22
report
of
a
certified
public
accountant
licensed
in
this
23
state.
The
report
must
be
based
upon
a
review
performed
by
24
the
certified
public
accountant.
The
report
shall
be
in
lieu
25
of
an
unqualified
opinion
based
on
an
audit.
However,
at
any
26
time,
upon
good
cause,
the
department
may
require
the
warehouse
27
operator
to
submit
to
the
department
a
subsequent
financial
28
statement
that
is
accompanied
by
the
report.
29
(3)
The
department
shall
not
require
that
a
warehouse
30
operator
to
submit
more
than
one
such
unqualified
opinion
based
31
on
an
audit
per
year.
32
(4)
A
warehouse
operator
shall
submit
one
or
more
financial
33
statements
to
the
department
in
addition
to
the
financial
34
statement
accompanied
by
an
unqualified
opinion
based
on
35
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an
audit
as
required
in
this
paragraph
if
the
department
1
determines
that
it
is
necessary
to
verify
the
warehouse
2
operator’s
financial
status
or
compliance
with
this
section
.
3
Sec.
___.
Section
203C.12A,
subsection
5,
Code
2026,
is
4
amended
to
read
as
follows:
5
5.
The
Iowa
grain
indemnity
fund
board
shall
upon
written
6
demand
of
the
warehouse
operator
file
a
termination
statement
7
with
the
secretary
of
state,
if
after
one
hundred
eighty
8
days
from
the
date
that
the
lien
is
perfected
the
warehouse
9
operator’s
license
has
not
ceased
by
revocation,
cancellation,
10
or
expiration
pursuant
to
section
203C.10
.
Upon
filing
the
11
termination
statement,
the
lien
becomes
unperfected.
The
board
12
shall
also
deliver
a
copy
of
the
termination
statement
to
the
13
warehouse
operator.
14
Sec.
___.
Section
203C.14,
subsection
2,
paragraphs
a
and
c,
15
Code
2026,
are
amended
to
read
as
follows:
16
a.
Upon
the
cessation
of
a
warehouse
operator’s
license
due
17
to
revocation,
cancellation,
or
expiration
pursuant
to
section
18
203C.10
or
upon
the
filing
of
a
petition
in
bankruptcy
by
a
19
warehouse
operator
,
a
claim
against
the
warehouse
operator
20
arising
under
this
chapter
shall
be
made
in
writing
with
the
21
warehouse
operator,
with
the
issuer
of
a
bond
on
agricultural
22
products
other
than
bulk
grain,
a
deficiency
bond,
or
an
23
irrevocable
letter
of
credit,
and,
if
the
claim
relates
to
bulk
24
grain,
with
the
department.
The
claim
must
be
made
within
one
25
hundred
twenty
days
after
the
cessation
of
the
license
or
the
26
filing
of
a
petition
in
bankruptcy,
whichever
occurs
earlier
.
27
The
failure
to
make
a
timely
claim
relieves
the
issuer
and,
28
if
the
claim
relates
to
bulk
grain,
the
grain
depositors
29
and
sellers
indemnity
fund
provided
in
chapter
203D
of
all
30
obligations
to
the
claimant.
31
c.
This
subsection
does
not
apply
if
a
receiver
is
appointed
32
as
provided
in
this
chapter
pursuant
to
a
petition
which
that
33
is
filed
by
the
department
prior
to
the
expiration
of
one
34
hundred
twenty
days
after
cessation
of
a
warehouse
operator’s
35
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license
pursuant
to
section
203C.10
.
1
Sec.
___.
Section
203C.18,
subsection
3,
Code
2026,
is
2
amended
to
read
as
follows:
3
3.
A
form
for
a
warehouse
receipt
shall
only
be
printed
by
4
a
person
approved
by
the
department.
A
form
for
a
warehouse
5
receipt
shall
be
printed
in
accordance
with
specifications
set
6
forth
by
the
department.
A
warehouse
operator
shall
surrender
7
to
the
department
all
forms
for
warehouse
receipts
that
are
8
unused
at
the
time
that
the
warehouse
operator’s
license
9
is
suspended
or
ceases
due
to
revocation,
cancellation,
or
10
expiration
pursuant
to
section
203C.10
.
The
warehouse
operator
11
shall
surrender
the
warehouse
receipts
in
a
manner
required
by
12
the
department.
>
13
2.
By
renumbering
as
necessary.
14
______________________________
COMMITTEE
ON
WAYS
AND
MEANS
NORDMAN
of
Dallas,
Chairperson
-7-
SF
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(2)
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da/js
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#2.