Iowa Code r. 21-90.15 - Warehouse receipts
(1)
Warehouse receipt forms. Warehouse receipt forms shall be 8.25
inches wide by 7 inches long or 8.5 inches wide by 11 inches long and shall be
printed in not less than triplicate. The original receipt shall be white, and
the weight of the paper shall not be less than 20-pound base; the warehouse
operator's copy shall be yellow and the weight of the paper shall not be less
than 16-pound base; and the owner's copy shall be green and the weight of the
paper shall not be less than 16-pound base. Receipts issued for bulk grain and
receipts issued for agricultural products other than bulk grain shall be in a
form prescribed by the department. The bureau shall have control over the
printing of warehouse receipts.
(2)
Electronic warehouse receipts. A warehouse operator licensed
in accordance with the provisions of Iowa Code chapter 203C may contract with
an independent provider to issue electronic warehouse receipts for grain and
other agricultural products subject to the provisions of this chapter. The
provider shall be approved by the department.
(3)
Electronic warehouse receipt
providers and provider agreements. A provider shall be independent of
any outside influence or bias in action or appearance. A provider shall enter
into a provider agreement with the department prior to being approved by the
department. A provider shall file and maintain electronic warehouse receipts
only on behalf of licensed warehouse operators who contract with the provider
for those services. The provider agreement shall be subject to, but not be
limited to, the provisions of paragraphs "a" through
"k" of this subrule.
a.
Provider to be approved by the USDA. No provider shall be
approved by the department unless the provider is first approved as an
electronic warehouse receipt provider by the USDA pursuant to the provisions of
7 CFR Part 735 . Upon department request, a provider shall provide a copy of
the provider's executed USDA Form WA-460 and any addenda, and any other
documentation requested by the department to confirm that the provider is a
USDA-approved provider in good standing.
b.
USDA action against
providers. In the event that the USDA shall take action to deny,
withdraw, suspend, reinstate or terminate a USDA Provider Agreement, the
department shall automatically take the same action and the provider shall be
subject to such action by the department. A provider shall notify the
department of any such actions taken by the USDA.
c.
Provider to service only licensed
warehouse operators. A provider shall enter into user agreements under
the terms of this rule only with warehouse operators licensed in accordance
with the provisions of Iowa Code chapter 203C. A provider shall not issue
electronic warehouse receipts for grain or other agricultural products on
behalf of a warehouse operator in the state of Iowa unless the warehouse
operator is licensed in accordance with the provisions of Iowa Code chapter
203C or the United States Warehouse Act.
d.
Notice requirements for
providers.
(1) When entering into a
new user agreement, a provider shall provide written notice to the
department.
(2) All notices to the
USDA required by 7 CFR Part 735 and in the USDA Provider Agreement shall also
be served upon the department except as specifically exempted in the provider
agreement.
(3) In the user
agreement, a provider shall include a notice to the warehouse operator that the
data on the provider's central filing system is subject to disclosure to the
department and the USDA.
e.
Provisions to cease issuing
electronic warehouse receipts. Upon notice by the department that a
warehouse operator license issued under Iowa Code chapter 203C has expired or
has been canceled, suspended or revoked, a provider shall prohibit the
warehouse operator from issuing any electronic warehouse receipts until further
notice from the department.
f.
Department access to electronic warehouse receipt data. A
provider shall allow the department unrestricted access to the central filing
system for electronic warehouse receipts issued on behalf of warehouse
operators licensed by the department. The electronic warehouse receipt data
shall be maintained for six years after cancellation of the receipts. Access
shall be made available in a manner that allows interaction with department
warehouse examinations. Access shall be free of any charge or costs to the
department.
g.
Information
profile. Upon issuance of a new user agreement to a warehouse operator
licensed under Iowa Code chapter 203C, the provider shall notify the department
and request an information profile. The department shall provide an information
profile about the warehouse operator to the provider. The information profile
shall consist of identifying information unique to each warehouse operator and
shall be contained within each electronic warehouse receipt issued by a
warehouse operator. The information profile shall include all statements and
content required for warehouse receipts by the laws of the state of Iowa and as
required by the provisions of the USDA Form WA-460 and any addenda pursuant to
paragraph "a" of this subrule. This information profile shall
include, but not be limited to, the following:
(1) The warehouse operator's name;
(2) The type of business organization and the
state under whose laws the business is organized;
(3) The location of the warehouse operator's
corporate headquarters and the location of the warehouse;
(4) The warehouse operator's license number;
and
(5) For grain warehouse
receipts, the following statement: "The warehouse operator named herein,
licensed under Iowa Code chapter 203C, has received for storage bulk grain of
the amount, kind and grade, as determined in accordance with the official grain
standards of the United States, for which this receipt is issued, subject to
the provisions of Iowa Code chapters 203C and 203D and the applicable rules.
Said grain is fully insured, unless otherwise allowed by law and noted within
this receipt, by the above-named warehouse operator against loss or damage by
fire, windstorm and inherent explosion."
h.
Termination of provider
agreement. The department or provider may terminate the provider
agreement upon 60 days' written notice to the other party. The department shall
terminate a provider agreement on less than 60 days' notice in accordance with
paragraph "b" of this subrule. Upon termination of the
provider agreement, the provider shall immediately surrender copies of the
electronic data and paper records to the department for any electronic
warehouse receipts contained within the central filing system. Such data and
paper record copies, however, are limited to electronic warehouse receipts
issued by warehouse operators licensed under the provisions of Iowa Code
chapter 203C.
i.
Authorization, jurisdiction and liability. A provider shall be
authorized to transact business in the state of Iowa and shall consent to
jurisdiction in the state of Iowa and venue in Polk County, Iowa. A provider
shall be liable to the department for costs incurred by the department as a
result of action taken in the event of a failure of the central filing system
or any inability to provide the access required in paragraph
"f" of this subrule.
j.
Nonexclusive use. A
warehouse operator shall not be required to issue warehouse receipts in
electronic form.
k.
Receiverships and indemnity fund claims-department as electronic
warehouse receipt holder.
(1) A
provider shall allow for the department and the grain indemnity fund board to
be a sole or joint holder of an electronic warehouse receipt when the issuing
warehouse operator's license has been revoked and either one or both of the
following apply:
1. The electronic warehouse
receipt has been surrendered to the department by a claimant for the proceeds
of a grain receivership pursuant to Iowa Code chapter 203C.
2. The electronic warehouse receipt has been
surrendered to the department or the grain indemnity fund board by a claimant
for payment of a grain indemnity fund claim pursuant to Iowa Code chapter
203D.
(2) When an
electronic receipt holder files a claim against a grain receivership or against
the grain indemnity fund, the department shall obtain the consent and
instruction of the holder to change the holder information on the provider's
central filing system. The provider shall take any action ordered by the
department in regard to an electronic warehouse receipt involved with a grain
receivership or a grain indemnity fund claim. The department shall provide
documentary evidence of the claim and any resulting required action to the
provider. The department may order any action including, but not limited to,
the following:
1. Reducing the quantity and
value of the product represented by an electronic receipt upon payment of
partial value from either receivership proceeds or the grain indemnity
fund;
2. Prohibiting an electronic
warehouse receipt from being negotiated or otherwise transferred without the
department's consent due to payment of partial value from either receivership
proceeds or the grain indemnity fund;
3. Canceling a warehouse receipt upon payment
of full value to a claimant from receivership proceeds, and issuing a
replacement receipt to the department if needed.
(4)
Electronic
warehouse receipt users and agreements. Prior to engaging in the
issuance of electronic warehouse receipts, a warehouse operator shall enter
into a user agreement with a provider approved by the department. All
electronic warehouse receipts issued by the warehouse operator shall be issued
through and filed in the provider's electronic central filing system. As used
in this subrule, "warehouse operator" means a warehouse operator who has
obtained a license for the operation of a warehouse under Iowa Code section
203C.6. The use of electronic
warehouse receipts is subject to the provisions of paragraphs
90.15(3)"a" through "g."
a.
Warehouse operator to use only one
provider. A warehouse operator shall issue electronic warehouse
receipts through only one provider.
b.
Changing providers.
Subject to the provisions of a user agreement in effect, a warehouse operator
may change providers once per year. The provider shall follow the transfer
terms specified in USDA Form WA-460 and any addenda pursuant to paragraph
90.15(3)"a." The warehouse operator shall notify the
department of a change in provider.
c.
Numbering of receipts-no
duplication. Electronic warehouse receipts shall be numbered and shall
be issued consecutively starting with the number specified to the provider by
the department. A warehouse operator shall not at any time have an electronic
warehouse receipt and a paper warehouse receipt outstanding for the same lot of
grain.
d.
Nonexclusive
use. A warehouse operator shall not require a depositor to accept an
electronic warehouse receipt in lieu of a paper warehouse receipt.
e.
Receipt holder power of
attorney. A warehouse operator or a third party may not handle
electronic warehouse receipts on behalf of a depositor unless a written power
of attorney to do so has been provided by the depositor. Such power of attorney
shall be provided to the department for inspection and verification upon the
department's request.
f.
Issuance and cancellation of receipts. The provisions for
issuance and cancellation of warehouse receipts found in rules
21-90.12 (203C) and
21-90.13 (203C) shall apply to
electronic warehouse receipts except to the extent that the rules are not
applicable to electronic warehouse receipts. A warehouse operator shall not
cancel an electronic warehouse receipt unless the warehouse operator is the
holder of the warehouse receipt.
This rule is intended to implement Iowa Code sections 203C.2, 203C.5, 203C.6 and 203C.18.
Notes
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