Iowa Admin. Code r. 21-91.25

Current through Register Vol. 47, No. 11, December 11, 2024

Rule 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.

Iowa Admin. Code r. 21-91.25

ARC 7553B, lAB 2/11/09, effective 3/18/09