Grain Dealers License
License to purchase grain from producers for the purpose of resale, milling, or processing.
Code Citation IC 203.3
Who Applies A person who purchases grain from Iowa producers where the grain is delivered within or into Iowa for resale, milling or processing. Exceptions apply, see IC 203.3(1)#10.
When To Apply Upon business start up or the take over of a existing grain dealer operation.
Initial Requirements Application, CPA audit or review level financial statement, minimum net worth of $75,000 and minimum current ratio of 1:1. Additional financial requirements apply. A bond or letter of credit may be required.
Duration Annual license that expires 3 months after the company fiscal year end. New licenses are prorated from application to the initial expiration date.
Processing Time 14 days average.
Fee Structure Application Fee: $66-955; Grain Indemnity Fund Fee of $0.00014 per bushel of grain purchased in first year. Beginning September 1, 2023, Grain Indemnity Fund fee of $0.00014 per bushel grain purchased based on previous fiscal year, some exemptions may apply. Examination Fee: $83-$440
Renewal Requirements Annual license Fee: $66-$955. Fiscal year end CPA audit or review level financial statement.
Exam 1 or 2 times per 18 months. Exam fee of $83-$440 applies for each exam.
Additional Information A person who purchases grain from Iowa producers where the grain is delivered within or into Iowa for resale, milling or processing. Exceptions apply, see IC 203.3(1)#10.
- Service SubCategory
502 E. 9th Street
Des Moines, IA 50319