On July 1, 2023, two changes from the past legislative session will take effect that pertain to grain warehouses in Iowa.
Grain Warehouse Receipts
There is not longer a requirement for Iowa licensed warehouse operators to issue a warehouse receipt or obtain a signed waiver within twelve (12) months of delivery.
The new law requires a warehouse operator to issue a warehouse receipt upon demand by a depositor.
A depositor will still need to be notified of his/her storage obligation annually.
Credit Sale Contract Duration
The duration of a credit sale contract will increase from the current twelve (12) months to fifteen (15) from the date of issuance.
This will require grain dealers to change the stated terms from 12 to 15 months on the contract.
This may done with a strike-thru and change with initials.
Any computer-generated contacts will need the template changed to the new contract limit.