§ 203D.5 — Indemnity fees — imposition, adjustment of rates, or waiver

Iowa § 203D.5

• Jurisdiction: Iowa
• Title V: AGRICULTURE
• Ch. 203D: GRAIN DEPOSITORS AND SELLERS INDEMNIFICATION

Text

1. The board shall annually review the debits of and credits to the grain depositors and
sellers indemnity fund created in section 203D.3 and shall determine whether to impose
the indemnity fees as provided in section 203D.3A, make adjustments to the indemnity fees
effective on the previous September 1, or waive the indemnity fees as necessary to comply
with this section. The board shall make the determination not later than May 1 of each year.
The board shall impose the indemnity fees or adjust the indemnity fees effective on the
previous September 1 in accordance with chapter 17A. The imposition or adjustment of the
indemnity fees shall become effective as follows:
a. For the participation fee, on the following September 1. However, the licensee shall
continue to pay the participation fee at the rate in effect on the prior September 1, until the
licensee has paid the amount owing.
b. For a per-bushel fee, on the following September 1.
2. a. Exceptasprovidedinparagraph“b”,therateofaparticipationfeeowedbyalicensee
shall be calculated as follows:
(1) For a licensed grain dealer, not more than fourteen thousandths of a cent per bushel
assessed on all purchased grain during the grain dealer’s last fiscal year at each location at
§203D.5, GRAIN DEPOSITORS AND SELLERS INDEMNIFICATION 6
which records are maintained for transactions of the grain dealer, as determined according
to information submitted by the grain dealer to the department for the issuance or renewal
of a license as provided in section 203.5.
(2) For a licensed warehouse operator, not more than fourteen thousandths of a cent per
bushel of bulk grain storage capacity for each warehouse licensed pursuant to section 203C.8
or five hundred dollars, whichever is less. The participation fee shall be determined using
information provided to the department by the warehouse operator applying for the issuance
or renewal of a license as provided in sections 203C.7 and 203C.37.
b. A licensee shall pay a participation fee of at least fifty dollars.
3. The rate of the per-bushel fee shall not exceed one-quarter cent per bushel assessed on
all purchased grain.
4. If on the last date of the fund’s assessment year as provided in section 203D.3 the
assets of the fund exceed sixteen million dollars, less any encumbered balances or pending
or unsettled claims, all of the following apply:
a. The participation fee as provided in section 203D.3A shall be waived and shall not be
assessableorowingforthefollowingassessmentyearofthefund. However,thelicenseeshall
continue to remit any owing participation fee that was in effect on the prior September 1.
b. The per-bushel fee as provided in section 203D.3A shall be waived and shall not
be assessable or owing for the following assessment year. The waiver shall also apply to
purchased grain that is unpriced on the last date of the fund’s assessment year. However,
the licensed grain dealer shall remit any per-bushel fee that is owing on that date.
5. The board shall reinstate the indemnity fees as provided in this section if the assets of
the fund, less any unencumbered balances or pending or unsettled claims, are eight million
dollars or less.