21—91.8(203) Payment.
- 91.8(1) Grain dealer’s standard business operation. “Standard business operation” means the licensed grain dealer’s standard written procedures and schedule for issuing payments to sellers for delivered grain. However, standard business operation does not include the payment for delivered grain later than 30 calendar days after delivery by the seller.
- 91.8(2) Payments. Payment does not include a check or electronic funds transfer refused or failed by a financial institution because of insufficient moneys in a grain dealer’s account. When a dealer has failed to make payment on demand of the seller and the failure has come to the attention of the bureau, the bureau chief will request the dealer to make payment within 24 hours. The bureau chief may require the dealer to make payment with a cashier’s check or money order if there is any evidence of financial instability. The request may be made verbally and confirmed by ordinary mail. Absent a dispute between buyer and seller, the license may be suspended if the dealer fails to make timely payment as requested by the bureau chief. An insufficient funds check or failed electronic funds transfer will not constitute payment under this rule.
[ARC 9456C, IAB 8/6/25, effective 7/10/25]