203.20 Shrinkage adjustments — disclosures — penalties.
1. A person who, in connection with the receipt of corn or soybeans for storage, processing, or sale, adjusts the scale weight of the grain to compensate for the moisture content of the grain shall compute the amount of the adjustment by multiplying the scale weight of the grain by that factor which results in a rate of adjustment of one and eighteen hundredths percent of weight per one percent of moisture content. The use of any rate of weight adjustment for moisture content other than the one prescribed by this subsection is a fraudulent practice. The person shall post on the business premises in a conspicuous place notice of the rate of adjustment for moisture content that is prescribed by this subsection. Failure to make this disclosure is a simple misdemeanor.
2. A person who, in connection with the receipt of grain for storage, processing or sale, adjusts the quantity of the grain received to compensate for losses to be incurred during the handling, processing, or storage of the grain shall post on the business premises in a conspicuous place notice of the rate of adjustment to be made for this shrinkage. Failure to make the required disclosure is a simple misdemeanor.
3. A person who adjusts the scale weight of corn or soybeans both for moisture content and for handling, processing, or storage losses may combine the two adjustment factors into a single factor and may use this resulting factor to compute the amount of weight adjustment in connection with storage, processing, or sale transactions, provided that the person shall post on the business premises in a conspicuous place a notice that discloses the moisture shrinkage factor prescribed by subsection 1, the handling shrinkage factor to be imposed, and the single factor that results from combining these factors. Failure to make the required disclosure is a simple misdemeanor.
[81 Acts, ch 180, §17]
C83, §542.20
C93, §203.20
Structure Iowa Code
Section 203.2 - Powers and duties of the department.
Section 203.2A - Grain purchasers who are not licensed grain dealers — special notice requirements.
Section 203.3 - License required — financial responsibility.
Section 203.4 - Participation in indemnity fund required.
Section 203.7 - Posting of license.
Section 203.9 - Inspection of premises and records — reconstruction of records.
Section 203.10 - Action affecting a license.
Section 203.11 - Penalties — injunctions.
Section 203.11A - Civil penalties.
Section 203.11B - Grain industry peer review panel.
Section 203.12 - Claims — cessation of a license and notice of license revocation.
Section 203.12A - Lien on grain dealer assets.
Section 203.12B - Appointment of department as receiver.
Section 203.13 - Enforcement officers.
Section 203.14 - No obligation of state.
Section 203.15 - Credit-sale contracts.
Section 203.16 - Confidentiality of records.
Section 203.17 - Documents and records.
Section 203.19 - Cooperative agreements.
Section 203.20 - Shrinkage adjustments — disclosures — penalties.
Section 203.22 - Prioritization of inspections of grain dealers.