203C.40 Prioritization of inspections of warehouse operators.
The department shall develop a system to prioritize the inspections of warehouse operators provided in section 203C.2. The system of prioritization shall be computed each year based on the risk of loss to the grain depositors and sellers indemnity fund caused by the possible insolvency of the warehouse operator. The department shall compute the risk by utilizing an available statistical model to measure the financial condition of warehouse operators. Procedures for utilizing the statistical model shall be adopted by department rules. The statistical model shall be used to provide risk ratings. A risk rating shall be used as a factor by the department to prioritize its inspection schedule. The department may inspect a warehouse operator at any time based on a risk of loss to the fund according to the risk rating. A substantial risk of loss to the grain depositors and sellers indemnity fund caused by the possible insolvency of the warehouse operator based on the statistical model shall be good cause.
92 Acts, ch 1239, §77
Referred to in §203C.1, 203C.2
Structure Iowa Code
Chapter 203C - WAREHOUSES FOR AGRICULTURAL PRODUCTS
Section 203C.2 - Duties and powers of the department — operator recordkeeping.
Section 203C.3 - Appointment of department as receiver.
Section 203C.4 - Powers and duties of receiver.
Section 203C.5 - Rules — documents and forms.
Section 203C.6 - Issuance of license and financial responsibility.
Section 203C.7 - Application for the issuance or renewal of a license.
Section 203C.8 - License to specify type and quantity of products which may be stored.
Section 203C.9 - Amendment of license.
Section 203C.10 - Action affecting a license.
Section 203C.12 - Participation in fund required.
Section 203C.12A - Lien on warehouse operator assets.
Section 203C.13 - Form and amount of evidence of financial responsibility.
Section 203C.14 - Suit — claims — notice of revocation.
Section 203C.15 - Insurance required — exception.
Section 203C.16 - License required for the storage of bulk grain.
Section 203C.17 - Receiving bulk grain at licensed and unlicensed warehouses.
Section 203C.18 - Warehouse receipts — issuance, printing, and electronic filing.
Section 203C.19 - Rights and obligations with respect to warehouse receipts — lost receipts.
Section 203C.20 - Receipt by warehouse operator to self.
Section 203C.23 - Warehouse operator’s obligation.
Section 203C.24 - Confidentiality of records.
Section 203C.25 - Shrinkage adjustments — disclosures — penalties.
Section 203C.27 - Discrimination.
Section 203C.28 - Tariff rates.
Section 203C.30 - Inspecting and grading.
Section 203C.34 - Display of license.
Section 203C.35 - Licensed warehouse operator to keep records.
Section 203C.36 - Penalties — injunction.
Section 203C.36A - Civil penalties.
Section 203C.37 - Issuance of a license and payment of fees.
Section 203C.38 - No obligation of state.
Section 203C.39 - Grain stored in another warehouse.
Section 203C.40 - Prioritization of inspections of warehouse operators.