Iowa Admin. Code r. 21-91.25 - Electronic grain contracts-issuance and form
Electronic grain contracts shall Cornply with the provisions of Iowa Code chapters 203 and 554D.
(1)
Agreement to conduct electronic transactions. A licensee or
the licensee 's provider shall maintain Cornplete and sufficient records to show
agreement between the grain seller and the licensee to conduct electronic grain
contract transactions. The records shall be presented to the department for
inspection upon request. An electronic grain contract shall be capable of being
printed or stored by both the licensee and the grain seller
(2)
Electronic signatures.
Sufficient security procedures shall be used by a licensee or the licensee 's
provider to reasonably ascertain that the electronic grain contract signature
is the act of the grain seller The security procedures shall be subject to the
review of and approval by the department . A seller shall be allowed to sign an
electronic grain contract only at the conclusion of all electronic grain
contract terms and conditions.
(3)
Numbering of electronic contracts -no
duplication. Electronic grain contracts shall be consecutively
numbered as issued. A licensee shall not at any time have an electronic grain
contract and a paper grain contract outstanding for the same lot of
grain.
(4)
Seller power of
attorney. A licensee or a third party may not handle electronic grain
contracts on behalf of a seller unless a written power of attorney to do so has
been provided by the seller Such power of attorney shall be provided to the
department for inspection and verification upon the department 's
request.
(5)
Issuance,
form, cancellation, and assignment of electronic credit-sale
contracts. The provisions for issuance, cancellation, and assignment
of credit-sale contracts found in rules
21-91.11 (203)
and
21-91.12 (203) shall apply to electronic credit-sale contracts except to the extent that
the rules are not applicable to paperless credit-sale contracts.
(6)
Authorization to issue electronic
credit-sale contracts. A licensee who issues electronic credit-sale
contracts shall Cornply with all requirements of rule
21-91.17 (203).
(7)
Nonexclusive
use. A licensee shall not be required to issue grain contracts in
electronic form.
This rule is intended to implement Iowa Code sections 203.2, 203.15, 203.17, 554D.106, 554D.110 and 554D.111.
Notes
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