Section 21.91.14. Notice to the warehouse bureau.

       91.14(1) The bureau shall be notified in writing prior to:

        a.           Change of ownership of the grain dealer.

        b.           Change of name or business address of the grain dealer.

        c.           Change of the grain dealer’s fiscal year end.

        d.           The ceasing of operations.

       91.14(2) The licensee shall notify the bureau within 24 hours after the licensee knows or should have known any of the following:

        a.           Licensee’s net worth falling below the amount required by Iowa Code section 203.3 and if the amount of the deficiency is not covered by a net worth deficiency bond.

        b.           Licensee’s current assets falling below the amount required by Iowa Code section 203.3 and the deficiency is not covered by a current ratio deficiency bond.

        c.           Class 2 licensee’s grain purchases from producers exceed $500,000 during the licensee’s fiscal year.

       91.14(3) The licensee shall notify the bureau in writing within ten days after the licensee knows or should have known either of the following:

        a.           Change in management.

        b.           The death of an individual or member of a partnership licensed as a grain dealer.

This rule is intended to implement Iowa Code sections 203.2 and 203.3.