The Iowa Timber Buyer Bond is required by the Department of Natural Resources. The bond states that the bondholder shall pay the timber grower for all purchased or cut timber that is due, in the agreed amount. In addition, the bondholder may cut, or cause to be cut, only timber which is lawfully purchased. They will not willfully make false statements in connection to the bond or other information required by the department or timber grower. Timber will only be transported with written proof of ownership or with the written consent of the owner. The bondholder will not commit any fraudulent act with the purchase or cutting of timber. Lastly, they will comply with the department rules to carry out the provisions of Chapter 456A.36 of the Iowa Code.
Who needs to have an Iowa Timber Buyer Bond?
Timber buyers in Iowa are required by law to have a bond in place before cutting any trees. A Timber Buyer is a “person engaged in the business of buying timber from the timber growers, for sawing into lumber for processing or resale.” (Iowa.gov)
What is the bond amount?
The Iowa Timber Buyer bond must be 10% of the previous year’s purchases from timber growers in Iowa. You may choose to use a different 12 month period other than the calendar year. The purpose being the income reported would be correct and submitted on time. There is a minimum bond amount of $3,000 and a maximum amount of $15,000.
Where can I get the Iowa Timber Buyers Bond?
Surety1 can easily get you the bond that you need. You can be assured of the lowest rates as we have partnered with over a dozen A-rated surety markets.
First, start the process by completing our easy to navigate, free online application form. Then, after your application has been submitted, one of our surety agents will contact you with a no-obligation quote on the bond premium. After that, once you are ready to move forward, you just need to pay the premium and sign the agreement. Lastly, your bond will be mailed to you by USPS Priority Mail. Overnight delivery is also available for an additional fee.
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