Electronic Notification of Ag Buyers

Iowa Bankers Association requests ag lenders to complete the following survey

This survey is intended for agricultural loan officers. It deals with the issue of electronic notice versus paper notice of agricultural buyers when ag products are sold. Currently under Iowa law, a lender has the option to send a paper notice directly to buyers of ag products requesting joint payable checks in the name of the producer and the bank . Many ag states have electronic systems of notification while Iowa's system remains paper based. Electronic systems are more reliable and efficient. In an effort to move Iowa to an electronic system, please take a few minutes to complete the survey so that Iowa Bankers Association has appropriate information to communicate with the Iowa legislature. We ask that the survey be completed by OCT 16th.

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* 1. In what area(s) of the state does your bank primarily operate (check all that apply)

Northwest

Southwest

North Central

South Central

Northeast

Southeast

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* 2. How many crop production borrowers do you estimate your bank finances?

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* 3. On how many of these borrowers is there an active notice(s) that the bank sent to buyers of agricultural products requiring a joint payable check in the name of the bank and borrower? (Notices are good for 1 year)

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* 4. Do you expect to increase the number of notices you are sending in 2021?

Yes

Not sure

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* 5. Why have you or why would you file a notice to a buyer asking for joint payable checks (check all that apply)?

To reduce risk on weaker loans

To reduce risk on larger loans

Borrower is outside normal trade area

Farm Service Agency guarantee requirements

Other (please specify)

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* 6. If Iowa were to adopt an electronic notice system to replace the current direct paper notice of ag buyers; would your bank increase the number of notices you send or would you send out the same number of notices?

Increase number of notices

Same number of notices

Please add any comments you wish to make:

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* 7. If you were to increase the number of notices sent electronically, by what percent would you estimate increasing over the current paper based direct notice?

1-10 percent

11-20 percent

21-30 percent

31-50 percent

More than 51 percent

Bank would send notices for joint payable checks on all our agricultural borrowers

Please add any comment(s) you wish to make

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* 8. Would an electronic filing system help make credit available to borrowers who might otherwise be turned down?

Yes

Please add any comment(s) you wish to make: