H-8462

   Amend Senate File 2465, as amended, passed, and reprinted by the Senate, as follows:
   1.  By striking page 13, line 28, through page 19, line 30, and inserting: 

<PART ___
GRAIN DEALERS
   Sec. ___.  Section 203.3, subsection 4, paragraph b, Code 2026, is amended to read as follows:
   b.  (1)  The grain dealer shall submit to the department, as required by the department, a financial statement that is accompanied by an unqualified opinion based upon an audit performed by a certified public accountant licensed in this state.
   (2)  Notwithstanding subparagraph (1), if a grain dealer does not purchase grain by credit-sale contract, the department may accept any of the following:
   (a)  A qualification in an opinion based on an audit that is unavoidable by any audit procedure that is permitted under generally accepted accounting principles. An opinion that is qualified because of a limited audit procedure or because the scope of an audit is limited shall not be accepted by the department.
   (b)  A financial statement that is accompanied by the report of a certified public accountant licensed in this state. The report must be based upon a review performed by the certified public accountant. The report shall be in lieu of an unqualified opinion based on an audit. However, at any time, upon good cause, the department may require the grain dealer to submit to the department a subsequent financial statement that is accompanied by the report.
   (3)  The department shall not require that a grain dealer to submit to the department more than one such unqualified opinion based on an audit per year.
   (4)  A grain dealer shall submit one or more financial statements to the department in addition to the financial statement accompanied by an unqualified opinion based on an audit as required in this paragraph if the department determines that it is necessary to verify the grain dealer’s financial status or compliance with this section.
   Sec. ___.  Section 203.3, subsection 5, paragraph b, Code 2026, is amended to read as follows:
   b.  (1)  The grain dealer shall submit to the department, as required by the department, a financial statement that is accompanied by an unqualified opinion based upon an audit performed by a certified public accountant licensed in this state.
   (2)  Notwithstanding subparagraph (1), the department may accept any of the following:
   (a)  A qualification in an opinion based on an audit that is unavoidable by any audit procedure that is permitted under generally accepted accounting principles. An opinion that is qualified because of a limited audit procedure or because the scope of an audit is limited shall not be accepted by the department.
   (b)  A financial statement that is accompanied by the report of a certified public accountant licensed in this state. The report must be based upon a review performed by the certified public accountant. The report shall be in lieu of an unqualified opinion based on an audit. However, at any time, upon good cause, the department may require the grain dealer to submit to the department a subsequent financial statement that is accompanied by the report.
   (3)  The department shall not require that a grain dealer to submit to the department more than one such unqualified opinion based on an audit per year.
   (4)  A grain dealer shall submit one or more financial statements to the department in addition to the financial statement accompanied by an unqualified opinion based on an audit required in this paragraph if the department determines that it is necessary to verify the grain dealer’s financial status or compliance with this section.
   Sec. ___.  Section 203.8, subsection 2, paragraph a, Code 2026, is amended to read as follows:
   a.  (1)  “Delivery” Subject to subparagraph (2), “delivery” means the transfer of title to and possession of grain by a seller to a grain dealer or to another person in accordance with the terms of an agreement of by the seller and the grain dealer.
   (2)  Unless title to grain was previously transferred pursuant to an ordinary cash-sale contract, title to grain sold by credit-sale contract is deemed to have transferred to the grain dealer when all of the following occurs:
   (a)  The credit-sale contract is signed by both the grain dealer and the seller.
   (b)  The grain dealer has possession of the grain or another person has possession of the grain in accordance with the terms of the credit-sale contract.
   Sec. ___.  Section 203.12, subsection 1, Code 2026, is amended to read as follows:
   1.  Upon the cessation of a grain dealer license by revocation, cancellation, or expiration pursuant to section 203.10 or upon the filing of a petition in bankruptcy by a grain dealer, any claim for the purchase price of grain against the grain dealer shall be made in writing and filed with the grain dealer and with the issuer of a deficiency bond or of an irrevocable letter of credit and with the department within one hundred twenty days after the date of the cessation or the filing of a petition in bankruptcy, whichever occurs earlier. A failure to make this timely claim relieves the issuer and the grain depositors and sellers indemnity fund provided in chapter 203D of all obligations to the claimant.
   Sec. ___.  Section 203.12A, subsection 5, Code 2026, is amended to read as follows:
   5.  The Iowa grain indemnity fund board, upon written demand of the grain dealer, shall file a termination statement with the secretary of state, if after one hundred eighty days from the date that the lien is perfected the grain dealer’s license has not ceased by revocation, cancellation, or expiration pursuant to section 203C.10. Upon filing the termination statement, the lien becomes unperfected. The board shall also deliver a copy of the termination statement to the grain dealer.

PART ___
GRAIN OPERATORS
   Sec. ___.  Section 203C.6, subsection 4, paragraph b, Code 2026, is amended to read as follows:
   b.  (1)  The warehouse operator shall submit to the department, as required by the department, a financial statement that is accompanied by an unqualified opinion based upon an audit performed by a certified public accountant licensed in this state.
   (2)  Notwithstanding subparagraph (1), the department may accept any of the following:
   (a)  A qualification in an opinion based on an audit that is unavoidable by any audit procedure that is permitted under generally accepted accounting principles. An opinion that is qualified because of a limited audit procedure or because the scope of an audit is limited shall not be accepted by the department.
   (b)  A financial statement that is accompanied by the report of a certified public accountant licensed in this state. The report must be based upon a review performed by the certified public accountant. The report shall be in lieu of an unqualified opinion based on an audit. However, at any time, upon good cause, the department may require the warehouse operator to submit to the department a subsequent financial statement that is accompanied by the report.
   (3)  The department shall not require that a warehouse operator to submit to the department more than one such unqualified opinion based on an audit per year.
   (4)  A warehouse operator shall submit one or more financial statements to the department in addition to the financial statement accompanied by an unqualified opinion based on an audit as required in this paragraph if the department determines that it is necessary to verify the warehouse operator’s financial status or compliance with this section.
   Sec. ___.  Section 203C.6, subsection 5, paragraph b, Code 2026, is amended to read as follows:
   b.  (1)  The warehouse operator shall submit to the department, as required by the department, a financial statement that is accompanied by an unqualified opinion based upon an audit performed by a certified public accountant licensed in this state.
   (2)  Notwithstanding subparagraph (1), the department may accept any of the following: 
   (a)  A qualification in an opinion based on an audit that is unavoidable by any audit procedure that is permitted under generally accepted accounting principles. An opinion that is qualified because of a limited audit procedure or because the scope of an audit is limited shall not be accepted by the department.
   (b)  A financial statement that is accompanied by the report of a certified public accountant licensed in this state. The report must be based upon a review performed by the certified public accountant. The report shall be in lieu of an unqualified opinion based on an audit. However, at any time, upon good cause, the department may require the warehouse operator to submit to the department a subsequent financial statement that is accompanied by the report.
   (3)  The department shall not require that a warehouse operator to submit more than one such unqualified opinion based on an audit per year.
   (4)  A warehouse operator shall submit one or more financial statements to the department in addition to the financial statement accompanied by an unqualified opinion based on an audit as required in this paragraph if the department determines that it is necessary to verify the warehouse operator’s financial status or compliance with this section.
   Sec. ___.  Section 203C.12A, subsection 5, Code 2026, is amended to read as follows:
   5.  The Iowa grain indemnity fund board shall upon written demand of the warehouse operator file a termination statement with the secretary of state, if after one hundred eighty days from the date that the lien is perfected the warehouse operator’s license has not ceased by revocation, cancellation, or expiration pursuant to section 203C.10. Upon filing the termination statement, the lien becomes unperfected. The board shall also deliver a copy of the termination statement to the warehouse operator.
   Sec. ___.  Section 203C.14, subsection 2, paragraphs a and c, Code 2026, are amended to read as follows:
   a.  Upon the cessation of a warehouse operator’s license due to revocation, cancellation, or expiration pursuant to section 203C.10 or upon the filing of a petition in bankruptcy by a warehouse operator, a claim against the warehouse operator arising under this chapter shall be made in writing with the warehouse operator, with the issuer of a bond on agricultural products other than bulk grain, a deficiency bond, or an irrevocable letter of credit, and, if the claim relates to bulk grain, with the department. The claim must be made within one hundred twenty days after the cessation of the license or the filing of a petition in bankruptcy, whichever occurs earlier. The failure to make a timely claim relieves the issuer and, if the claim relates to bulk grain, the grain depositors and sellers indemnity fund provided in chapter 203D of all obligations to the claimant.
   c.  This subsection does not apply if a receiver is appointed as provided in this chapter pursuant to a petition which that is filed by the department prior to the expiration of one hundred twenty days after cessation of a warehouse operator’s license pursuant to section 203C.10.
   Sec. ___.  Section 203C.18, subsection 3, Code 2026, is amended to read as follows:
   3.  A form for a warehouse receipt shall only be printed by a person approved by the department. A form for a warehouse receipt shall be printed in accordance with specifications set forth by the department. A warehouse operator shall surrender to the department all forms for warehouse receipts that are unused at the time that the warehouse operator’s license is suspended or ceases due to revocation, cancellation, or expiration pursuant to section 203C.10. The warehouse operator shall surrender the warehouse receipts in a manner required by the department.>
   2.  By renumbering as necessary.

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COMMITTEE ON WAYS AND MEANS

NORDMAN of Dallas, Chairperson