203.2A - NOTICE REQUIREMENT FOR GRAIN PURCHASERS WHO ARE NOT GRAIN DEALERS.
203.2A NOTICE REQUIREMENT FOR GRAIN PURCHASERS WHO
ARE NOT GRAIN DEALERS.
A person shall not purchase grain from a producer for purposes of
resale, milling, feeding, or processing, unless one of the following
applies:
1. The person is a grain dealer licensed pursuant to section
203.3.
2. The person has purchased less than fifty thousand bushels of
grain from all producers in the twelve months prior to purchasing
grain from the producer.
3. a. The person provides notice to the producer. The notice
shall be in the following form:
ATTENTION TO PRODUCERS:
THE PERSON PURCHASING THIS GRAIN IS NOT A LICENSED GRAIN DEALER AND
THIS IS NOT A COVERED TRANSACTION ELIGIBLE FOR INDEMNIFICATION FROM
THE GRAIN DEPOSITORS AND SELLERS INDEMNITY FUND AS PROVIDED IN IOWA
CODE SECTION 203D.3.
b. The notice shall be provided prior to or at the time of
the purchase. The notice may appear on a separate statement or as
part of a document received by the producer, including a contract or
receipt, as required by the department.
c. The form of the notice shall be prescribed by the
department. The notice shall appear in a printed boldface font in at
least ten point type. Section History: Recent Form
99 Acts, ch 106, §4