IOWA DEPARTMENT OF AGRICULTURE SUSPENDS GRAIN DEALER AND WAREHOUSE OPERATOR LICENSES OF ELMER WOOD CO., INC. IN MOULTON

DES MOINES – The Iowa Department of Agriculture and Land Stewardship has suspended the grain dealer and warehouse operator licenses for Elmer Wood Co., Inc., of Moulton, Iowa in accordance with Iowa Code Sections 203 and 203C.  As a result of this action, Elmer Wood Co. must surrender any grain dealer and warehouse operator license certificates to the Department and is not authorized to purchase grain or accept grain for storage.

The suspension is based upon the failure to file monthly financial statements for the period ending May 31, 2012.  The company is also being charged with a failure to meet minimum net worth requirements and maintain current assets equal to 100 percent of current liabilities.

A revocation hearing has been set for August 30, 2012 in the first floor conference room on first floor of the Henry A. Wallace state office building in Des Moines.

The Iowa Department of Agriculture and Land Stewardship’s Grain Warehouse Bureau regulates and examines the financial solvency of grain dealers and grain warehouse operators.  The functions of the Bureau include: warehouse licensing, warehouse examination, grain dealer licensing and grain dealer examinations.

 

 

-30-