|
|||||||
| |||||||
| |||||||
1 | AN ACT concerning grain.
| ||||||
2 | Be it enacted by the People of the State of Illinois, | ||||||
3 | represented in the General Assembly:
| ||||||
4 | Section 5. The Grain Code is amended by changing Section | ||||||
5 | 5-30 as follows:
| ||||||
6 | (240 ILCS 40/5-30)
| ||||||
7 | Sec. 5-30. Grain Insurance Fund assessments. The Illinois | ||||||
8 | Grain Insurance
Fund is established as a continuation of the | ||||||
9 | fund
created under the Illinois Grain Insurance Act, now | ||||||
10 | repealed.
Licensees, applicants for a new license, first | ||||||
11 | sellers of grain to grain
dealers
at Illinois locations, and | ||||||
12 | lenders to licensees shall pay assessments as set
forth in this | ||||||
13 | Section.
| ||||||
14 | (a) Subject to subsection (e) of this Section, a
licensee | ||||||
15 | that is newly licensed after the effective date of this
Code | ||||||
16 | shall pay an assessment into the Fund for 3
consecutive years. | ||||||
17 | These assessments are known as "newly licensed
assessments". | ||||||
18 | Except as provided in item (6) of subsection (b) of this
| ||||||
19 | Section, the first installment shall be paid at the time of
or | ||||||
20 | before the
issuance of a new license, the second installment | ||||||
21 | shall be
paid on
or before the first anniversary date of the | ||||||
22 | issuance of the new
license, and the third installment shall be | ||||||
23 | paid on or
before the
second anniversary date of the issuance | ||||||
24 | of the new license. For a grain
dealer, the payment of each of | ||||||
25 | the 3 installments shall be based upon
the total estimated | ||||||
26 | value of grain purchases by the grain dealer for the
applicable | ||||||
27 | year with the final installment amount determined
as set forth | ||||||
28 | in
item (6) of subsection (b) of this Section. After the
| ||||||
29 | licensee has paid or was required to pay the last 3 | ||||||
30 | installments of the
newly licensed assessments, the
licensee | ||||||
31 | shall be subject to subsequent assessments as set forth in
| ||||||
32 | subsection (d) of this Section.
|
| |||||||
| |||||||
1 | (b) Grain dealer newly licensed assessments.
| ||||||
2 | (1) The first installment for a grain dealer shall be
| ||||||
3 | an
amount equal to:
| ||||||
4 | (A) $0.000145 multiplied by the total value of
| ||||||
5 | grain purchases for the grain dealer's first fiscal | ||||||
6 | year
as shown in the final financial statement for that | ||||||
7 | year
provided to the Department under Section 5-20; and
| ||||||
8 | (B) $0.000255 multiplied by that portion of the
| ||||||
9 | value of grain purchases for the grain dealer's first
| ||||||
10 | fiscal year that exceeds the adjusted equity of the
| ||||||
11 | licensee multiplied by 20, as shown on the
final | ||||||
12 | financial statement for the licensee's first fiscal
| ||||||
13 | year provided to the Department under Section 5-20.
| ||||||
14 | (2) The minimum amount for the first installment
shall | ||||||
15 | be $500 and the maximum shall be $15,000.
| ||||||
16 | (3) The second installment for a grain dealer shall be
| ||||||
17 | an
amount equal to:
| ||||||
18 | (A) $0.0000725 multiplied by the total value of
| ||||||
19 | grain purchases for the grain dealer's second fiscal | ||||||
20 | year
as shown in the final financial statement for that | ||||||
21 | year
provided to the Department under Section 5-20; and
| ||||||
22 | (B) $0.0001275 multiplied by that portion of the
| ||||||
23 | value of grain purchases for the grain dealer's second
| ||||||
24 | fiscal year that exceeds the adjusted equity of the
| ||||||
25 | licensee multiplied by 20, as shown on the
final | ||||||
26 | financial statement for the licensee's second
fiscal | ||||||
27 | year provided to the Department under
Section 5-20.
| ||||||
28 | (4) The third installment for a grain dealer shall be
| ||||||
29 | an
amount equal to:
| ||||||
30 | (A) $0.0000725 multiplied by the total value of
| ||||||
31 | grain purchases for the grain dealer's third fiscal | ||||||
32 | year
as shown in the final financial statement for that | ||||||
33 | year
provided to the Department under Section 5-20; and
| ||||||
34 | (B) $0.0001275 multiplied by that portion of the
| ||||||
35 | value of grain purchases for the grain dealer's third
| ||||||
36 | fiscal year that exceeds the adjusted equity of the
|
| |||||||
| |||||||
1 | licensee multiplied by 20, as shown on the
final | ||||||
2 | financial statement for the licensee's third fiscal
| ||||||
3 | year.
| ||||||
4 | (5) The minimum amount of the second and third | ||||||
5 | installments shall be
$250 per year and the maximum for | ||||||
6 | each year shall be $7,500.
| ||||||
7 | (6) Each of the newly licensed assessments shall be
| ||||||
8 | adjusted up or down based upon the actual annual grain
| ||||||
9 | purchases for each year as shown in the final financial
| ||||||
10 | statement for that year provided to the Department under
| ||||||
11 | Section 5-20. The adjustments shall be determined by the
| ||||||
12 | Department within 30 days of the date of approval of
| ||||||
13 | renewal of a license. Refunds shall be
paid out of the Fund | ||||||
14 | within 60
days after the Department's determination. | ||||||
15 | Additional amounts
owed for any installment shall be paid | ||||||
16 | within 30 days
after notification by the Department.
| ||||||
17 | (7) For the purposes of grain dealer newly licensed | ||||||
18 | assessments under
subsection (b) of
this Section, the total | ||||||
19 | value of grain purchases shall be the total value of
first | ||||||
20 | time grain purchases by Illinois locations from producers.
| ||||||
21 | (8) The second and third installments shall be paid to | ||||||
22 | the Department
within 60 days after the date posted on the | ||||||
23 | written notice of assessment. The
Department shall | ||||||
24 | immediately deposit all paid installments into the Fund.
| ||||||
25 | (c) Warehouseman newly licensed assessments.
| ||||||
26 | (1) The first assessment for a warehouseman shall be an
| ||||||
27 | amount equal to:
| ||||||
28 | (A) $0.00085 multiplied by the total permanent
| ||||||
29 | storage capacity of the warehouseman at the time of
| ||||||
30 | license issuance; and
| ||||||
31 | (B) $0.00099 multiplied by that portion of the
| ||||||
32 | permanent storage capacity of the warehouseman at the
| ||||||
33 | time of license issuance that exceeds the adjusted | ||||||
34 | equity
of the licensee multiplied by 5, all as shown on | ||||||
35 | the
final financial statement for the licensee | ||||||
36 | provided to
the Department under Section 5-10.
|
| |||||||
| |||||||
1 | (2) The minimum amount for the first installment
shall | ||||||
2 | be $500 and the maximum shall be $15,000.
| ||||||
3 | (3) The second and third installments shall be an
| ||||||
4 | amount
equal to:
| ||||||
5 | (A) $0.000425 multiplied by the total permanent
| ||||||
6 | storage capacity of the warehouseman at the time of
| ||||||
7 | license issuance; and
| ||||||
8 | (B) $0.000495 multiplied by that portion of the
| ||||||
9 | permanent licensed storage capacity of the | ||||||
10 | warehouseman
at the time of license issuance that | ||||||
11 | exceeds the adjusted
equity of the licensee multiplied | ||||||
12 | by 5, as shown
on the final financial statement for the | ||||||
13 | licensee's last
completed fiscal year provided to the | ||||||
14 | Department under
Section 5-20.
| ||||||
15 | (4) The minimum amount for the second and
third | ||||||
16 | installments shall be $250 per
installment and the
maximum | ||||||
17 | for each installment shall be $7,500.
| ||||||
18 | (5) Every warehouseman shall pay
an assessment when | ||||||
19 | increasing available permanent
storage capacity in an | ||||||
20 | amount equal to $0.001 multiplied by
the total number of | ||||||
21 | bushels to be added to permanent storage
capacity. The | ||||||
22 | minimum assessment on any increase in permanent
storage | ||||||
23 | capacity shall be $50 and the maximum assessment
shall be | ||||||
24 | $20,000. The assessment based upon an increase in
permanent | ||||||
25 | storage capacity shall be paid
at or before the time of | ||||||
26 | approval of the increase in
permanent storage capacity. | ||||||
27 | This assessment on the increased
permanent storage | ||||||
28 | capacity does not relieve the warehouseman
of any | ||||||
29 | assessments as set forth in subsection (d) of this Section.
| ||||||
30 | (6) Every warehouseman shall pay
an assessment of | ||||||
31 | $0.0005 per bushel when increasing
available storage | ||||||
32 | capacity by use of temporary storage space.
The minimum | ||||||
33 | assessment on temporary storage space shall be
$100. The | ||||||
34 | assessment based upon temporary storage space
shall be paid | ||||||
35 | at or before the
time of approval of the amount of the | ||||||
36 | temporary storage
space.
This assessment on the temporary |
| |||||||
| |||||||
1 | storage space capacity does
not relieve the warehouseman of | ||||||
2 | any assessments as set forth
in subsection (d) of this | ||||||
3 | Section.
| ||||||
4 | (7) Every warehouseman shall pay
an assessment of | ||||||
5 | $0.001 per bushel of emergency
storage space. The minimum | ||||||
6 | assessment on any emergency
storage space shall be $100. | ||||||
7 | The assessment based upon
emergency storage space shall be | ||||||
8 | paid
at or before the time of approval of the amount of
the | ||||||
9 | emergency storage space. This assessment on the emergency
| ||||||
10 | storage space does not relieve the warehouseman of any
| ||||||
11 | assessments as set forth in subsection (d) of this Section.
| ||||||
12 | (8) The second and third installments shall be paid to | ||||||
13 | the Department
within 60 days after the date posted on the | ||||||
14 | written notice of assessment. The
Department shall | ||||||
15 | immediately deposit all paid installments into the Fund.
| ||||||
16 | (d) Grain dealer subsequent assessments; warehouseman
| ||||||
17 | subsequent assessments.
| ||||||
18 | (1) Subject to paragraph (4) of this subsection (d), if | ||||||
19 | on the first
working day of a calendar quarter when a | ||||||
20 | licensee is not already subject to an
assessment under this | ||||||
21 | subsection (d) (the assessment determination date),
if the | ||||||
22 | equity in the Fund is
less than $6,000,000, every grain | ||||||
23 | dealer who has, or was
required to have, already paid the | ||||||
24 | newly licensed
assessments shall be assessed by the | ||||||
25 | Department in a total amount
equal
to:
| ||||||
26 | (A) $0.0000725 multiplied by the total value of
| ||||||
27 | grain purchases for the grain dealer's last completed
| ||||||
28 | fiscal year prior to the assessment determination date | ||||||
29 | as shown in the
final financial statement for
that year | ||||||
30 | provided to the Department under Section
5-20; and
| ||||||
31 | (B) $0.0001275 multiplied by that portion of the
| ||||||
32 | value of grain purchases for the grain dealer's last
| ||||||
33 | completed fiscal year prior to the assessment | ||||||
34 | determination date that
exceeds the adjusted equity of
| ||||||
35 | the licensee multiplied by 20, as shown on
the final | ||||||
36 | financial statement for the licensee's last
completed |
| |||||||
| |||||||
1 | fiscal year provided to the Department under
Section | ||||||
2 | 5-20.
| ||||||
3 | The minimum total amount for the grain dealer's
| ||||||
4 | subsequent
assessment shall be $250 per 12-month period and | ||||||
5 | the
maximum amount
shall be $7,500 per 12-month period.
For | ||||||
6 | the purposes of grain dealer assessments under this item | ||||||
7 | (1) of subsection
(d) of this Section, the total value of | ||||||
8 | grain purchases shall be the total
value of first time | ||||||
9 | grain purchases by Illinois locations from
producers.
| ||||||
10 | (2) Subject to paragraph (4) of this subsection (d), if | ||||||
11 | on the first
working day
of a calendar quarter when a | ||||||
12 | licensee is not subject to an assessment under
this | ||||||
13 | subsection (d) (the assessment determination date),
if the | ||||||
14 | equity in the Fund is
less than $6,000,000, every | ||||||
15 | warehouseman who has, or was
required to have, already paid | ||||||
16 | the newly licensed
assessments shall be assessed a | ||||||
17 | warehouseman subsequent assessment by the
Department in a | ||||||
18 | total amount equal
to:
| ||||||
19 | (A) $0.000425 multiplied by the total licensed
| ||||||
20 | storage capacity of the warehouseman as of the first | ||||||
21 | day of September
that immediately precedes the | ||||||
22 | assessment determination date; and
| ||||||
23 | (B) $0.000495 multiplied by that portion of the
| ||||||
24 | licensed storage capacity of the warehouseman as of
the | ||||||
25 | first day of September that immediately precedes the | ||||||
26 | assessment
determination date that exceeds the | ||||||
27 | adjusted
equity of the licensee multiplied by 5, as | ||||||
28 | shown
on the final financial statement for the | ||||||
29 | licensee's last
completed fiscal year provided to the | ||||||
30 | Department under
Section 5-20.
| ||||||
31 | The minimum total amount for a warehouseman subsequent
| ||||||
32 | assessment shall be $250 per 12-month period and the
| ||||||
33 | maximum amount
shall be $7,500 per 12-month period.
| ||||||
34 | (3) Subject to paragraph (4) of this subsection (d), if | ||||||
35 | the equity in
the Fund is below $6,000,000 on the first | ||||||
36 | working day of a calendar quarter
when a licensee is not |
| |||||||
| |||||||
1 | already subject to an assessment under this subsection
(d) | ||||||
2 | (the assessment determination date), every incidental | ||||||
3 | grain dealer who has,
or was required to have, already paid | ||||||
4 | all 3 installments of the newly
licensed assessments shall | ||||||
5 | be assessed by the Department in a total amount
equal to | ||||||
6 | $100. It shall be paid to the Department within 60 days | ||||||
7 | after the date
posted on the written notification by the | ||||||
8 | Department, which shall be sent after
the first day of the | ||||||
9 | calendar quarter immediately following the assessment
| ||||||
10 | determination date.
| ||||||
11 | (4) Following the payment of the final quarterly | ||||||
12 | installment
by grain dealers and warehousemen, the next | ||||||
13 | assessment determination date can
be no sooner than the | ||||||
14 | first working day of the sixth full calendar month
| ||||||
15 | following the payment.
| ||||||
16 | (5) All assessments under paragraphs (1) and (2) of | ||||||
17 | this
subsection (d) shall be effective as of the first day | ||||||
18 | of the calendar quarter
immediately following the | ||||||
19 | assessment determination date and shall be paid to
the | ||||||
20 | Department by licensees in 4 equal installments by the | ||||||
21 | twentieth day of
each consecutive calendar quarter | ||||||
22 | following notice by the Department of the
assessment. The | ||||||
23 | Department shall give written notice to all licensees of | ||||||
24 | when
the assessment is effective, and the rate of the | ||||||
25 | assessment, by mail within 20
days after the assessment | ||||||
26 | determination date.
| ||||||
27 | (6) After an assessment under paragraph (1) and (2) of | ||||||
28 | this
subsection (d) is instituted, the amount of any unpaid | ||||||
29 | installments for the
assessment shall not be adjusted based | ||||||
30 | upon any change in the financial
statements or licensed | ||||||
31 | storage capacity of a licensee.
| ||||||
32 | (7) If the due date for the payment by a licensee of | ||||||
33 | the third assessment
under subsections (b) and (c) of this | ||||||
34 | Section 5-30 is after the assessment
determination date, | ||||||
35 | that licensee shall not be subject to any of the 4
| ||||||
36 | installments of an assessment under paragraphs (1) and (2) |
| |||||||
| |||||||
1 | of this
subsection (d).
| ||||||
2 | (8) The Department shall immediately deposit all paid | ||||||
3 | assessments into the
Fund.
| ||||||
4 | (e) Newly licensed; exemptions.
| ||||||
5 | (1) For the purpose of assessing fees for the Fund
| ||||||
6 | under subsection (a) of this Section, and subject to the | ||||||
7 | provisions of
item (e)(2) of this Section, the Department | ||||||
8 | shall consider the
following to be newly licensed:
| ||||||
9 | (A) A person that becomes a licensee for the
first | ||||||
10 | time after the effective date of this Code.
| ||||||
11 | (B) A licensee who has a lapse in licensing of
more | ||||||
12 | than 30 days. A license shall not be considered to
be | ||||||
13 | lapsed after its revocation or termination if an
| ||||||
14 | administrative or judicial action is pending or if an
| ||||||
15 | order from an administrative or judicial body | ||||||
16 | continues
an existing license.
| ||||||
17 | (C) A grain dealer that is a general partnership in | ||||||
18 | which there is a
change in partnership interests and | ||||||
19 | that change is
greater than 50% during the | ||||||
20 | partnership's
fiscal year.
| ||||||
21 | (D) A grain dealer that is a limited partnership in | ||||||
22 | which there is a
change in the controlling interest of | ||||||
23 | a general partner
and that change is greater than 50% | ||||||
24 | of
the total controlling interest during the limited
| ||||||
25 | partnership's fiscal year.
| ||||||
26 | (E) A grain dealer that is a limited liability | ||||||
27 | company in which there is
a change in membership | ||||||
28 | interests and that change is
greater than 50% during | ||||||
29 | the limited
liability company's fiscal year.
| ||||||
30 | (F) A grain dealer that is the result of a | ||||||
31 | statutory consolidation if
that
person has adjusted | ||||||
32 | equity of less than
90% of the combined adjusted equity | ||||||
33 | of the predecessor
persons who consolidated. For the | ||||||
34 | purposes of this
paragraph, the adjusted equity of the | ||||||
35 | resulting person
shall be determined from the approved | ||||||
36 | or certified
financial statement submitted to the |
| |||||||
| |||||||
1 | Department for the
first fiscal year of the resulting | ||||||
2 | person. For the
purpose of this paragraph, the combined | ||||||
3 | adjusted equity
of the predecessor persons shall be | ||||||
4 | determined by
combining the adjusted equity of each | ||||||
5 | predecessor person
as set forth in the most recent | ||||||
6 | approved or certified
financial statement of each | ||||||
7 | predecessor person submitted
to the Department.
| ||||||
8 | (G) A grain dealer that is the result of a | ||||||
9 | statutory merger if that
person
has adjusted equity of | ||||||
10 | less than 90% of
the combined adjusted equity of the | ||||||
11 | predecessor persons
who merged. For the purposes of | ||||||
12 | this paragraph, the
adjusted equity of the resulting | ||||||
13 | person shall be
determined from the approved or | ||||||
14 | certified financial
statement submitted to the | ||||||
15 | Department for the first
fiscal year of the resulting | ||||||
16 | person ending after the
merger. For the purposes of | ||||||
17 | this paragraph, the combined
adjusted equity of the | ||||||
18 | predecessor persons shall be
determined by combining | ||||||
19 | the adjusted equity of each
predecessor person as set | ||||||
20 | forth in the most recent
approved or certified | ||||||
21 | financial statement submitted to
the Department for | ||||||
22 | the last fiscal year of each
predecessor person ending | ||||||
23 | on the date of or before the
merger.
| ||||||
24 | (H) A grain dealer that is a general partnership in | ||||||
25 | which there is a
change in partnership interests and | ||||||
26 | that change is
50% or less during the partnership's | ||||||
27 | fiscal
year if the adjusted equity of the partnership | ||||||
28 | after the
change is less than 90% of the adjusted
| ||||||
29 | equity of the partnership before the change. For the
| ||||||
30 | purpose of this paragraph, the adjusted equity of the
| ||||||
31 | partnership after the change shall be determined from | ||||||
32 | the
approved or certified financial statement | ||||||
33 | submitted to
the Department for the first fiscal year | ||||||
34 | ending after the
change. For the purposes of this | ||||||
35 | paragraph, the adjusted
equity of the partnership | ||||||
36 | before the change shall be
determined from the approved |
| |||||||
| |||||||
1 | or certified financial
statement submitted to the | ||||||
2 | Department for the last fiscal
year of the partnership | ||||||
3 | ending on the date of or before
the change.
| ||||||
4 | (I) A grain dealer that is a limited partnership in | ||||||
5 | which there is a
change in the controlling interest of | ||||||
6 | a general partner
and that change is 50% or less of the
| ||||||
7 | total controlling interest during the partnership's
| ||||||
8 | fiscal year if the adjusted equity of the partnership
| ||||||
9 | after the change is less than 90% of the
adjusted | ||||||
10 | equity of the partnership before the change.
For the | ||||||
11 | purposes of this paragraph, the adjusted equity
of the | ||||||
12 | partnership after the change shall be determined
from | ||||||
13 | the approved or certified financial statement
| ||||||
14 | submitted to the Department for the first fiscal year
| ||||||
15 | ending after the change. For the purposes of this
| ||||||
16 | paragraph, the adjusted equity of the partnership | ||||||
17 | before
the change shall be determined from the approved | ||||||
18 | or
certified financial statement submitted to the | ||||||
19 | Department
for the last fiscal year of the partnership | ||||||
20 | ending on the
date of or before the change.
| ||||||
21 | (J) A grain dealer that is a limited liability | ||||||
22 | company in which there is
a change in membership | ||||||
23 | interests and that change is
50% or less of the total | ||||||
24 | membership interests
during the limited liability | ||||||
25 | company's fiscal year if the
adjusted equity of the | ||||||
26 | limited liability company after
the change is less than | ||||||
27 | 90% of the
adjusted equity of the limited liability | ||||||
28 | company before
the change. For the purposes of this | ||||||
29 | paragraph, the
adjusted equity of the limited | ||||||
30 | liability company after
the change shall be determined | ||||||
31 | from the approved or
certified financial statement | ||||||
32 | submitted to the Department
for the first fiscal year | ||||||
33 | ending after the change. For
the purposes of this | ||||||
34 | paragraph, the adjusted equity of
the limited | ||||||
35 | liability company before the change shall be
| ||||||
36 | determined from the approved or certified financial
|
| |||||||
| |||||||
1 | statement submitted to the Department for the last | ||||||
2 | fiscal
year of the limited liability company ending on | ||||||
3 | the date
of or before the change.
| ||||||
4 | (K) A grain dealer that is the result of a | ||||||
5 | statutory
consolidation or merger if one or more of the
| ||||||
6 | predecessor
persons that consolidated or merged into | ||||||
7 | the resulting
grain dealer was not a licensee under | ||||||
8 | this Code at the time of
the consolidation or merger.
| ||||||
9 | (2) For the purpose of assessing fees for
the Fund as | ||||||
10 | set forth in subsection (a) of this Section, the Department | ||||||
11 | shall
consider the following as not being newly licensed | ||||||
12 | and,
therefore, exempt from further assessment unless an
| ||||||
13 | assessment is required by subsection (d) of this Section:
| ||||||
14 | (A) A person resulting solely from a name change
of | ||||||
15 | a licensee.
| ||||||
16 | (B) A warehouseman changing from a Class I
| ||||||
17 | warehouseman to a Class II warehouseman or from a Class
| ||||||
18 | II warehouseman to a Class I warehouseman under this
| ||||||
19 | Code.
| ||||||
20 | (C) A licensee that becomes a wholly owned
| ||||||
21 | subsidiary of another licensee.
| ||||||
22 | (D) Subject to item (e)(1)(K) of this Section, a | ||||||
23 | person
that is the result of a statutory consolidation | ||||||
24 | if that
person has adjusted equity greater than or | ||||||
25 | equal to
90% of the combined adjusted equity of
the | ||||||
26 | predecessor persons who consolidated. For the
purposes | ||||||
27 | of this paragraph, the adjusted equity of the
resulting | ||||||
28 | person shall be determined from the approved or
| ||||||
29 | certified financial statement submitted to the | ||||||
30 | Department
for the first fiscal year of the resulting | ||||||
31 | person.
For
the purpose of this paragraph, the combined | ||||||
32 | adjusted
equity of the predecessor persons shall be | ||||||
33 | determined by
combining the adjusted equity of each | ||||||
34 | predecessor person as
set
forth in the most recent | ||||||
35 | approved or certified financial
statement of each | ||||||
36 | predecessor person submitted to the
Department.
|
| |||||||
| |||||||
1 | (E) Subject to item (e)(1)(K) of this Section, a | ||||||
2 | person
that is the result of a statutory merger if that | ||||||
3 | person
has adjusted equity greater than or equal to
90% | ||||||
4 | of the combined adjusted equity of the
predecessor | ||||||
5 | persons who merged. For the purposes of this
paragraph, | ||||||
6 | the adjusted equity of the resulting person
shall be | ||||||
7 | determined from the approved or certified
financial | ||||||
8 | statement submitted to the Department for the
first | ||||||
9 | fiscal year of the resulting person ending after
the | ||||||
10 | merger. For the purposes of this paragraph, the
| ||||||
11 | combined adjusted equity of the predecessor persons | ||||||
12 | shall
be determined by combining the adjusted equity of | ||||||
13 | each
predecessor person as set forth in the most recent
| ||||||
14 | approved or certified financial statement, submitted | ||||||
15 | to
the Department
for the last fiscal year of each
| ||||||
16 | predecessor person ending on the date of or before the
| ||||||
17 | merger.
| ||||||
18 | (F) A general partnership in which there is a
| ||||||
19 | change in partnership interests and that change is
50% | ||||||
20 | or less during the partnership's fiscal
year and the | ||||||
21 | adjusted equity of the partnership
after the change is | ||||||
22 | greater than or equal to
90% of the adjusted equity of | ||||||
23 | the partnership
before the change. For the purposes of | ||||||
24 | this paragraph,
the adjusted equity of the partnership | ||||||
25 | after the change
shall be determined from the approved | ||||||
26 | or certified
financial statement submitted to the | ||||||
27 | Department for the
first fiscal year ending after the | ||||||
28 | change. For the
purposes of this paragraph, the | ||||||
29 | adjusted equity of the
partnership before the change | ||||||
30 | shall be determined from
the approved or certified | ||||||
31 | financial statement submitted
to the Department for | ||||||
32 | the last fiscal year of the
partnership ending on the | ||||||
33 | date of or before the change.
| ||||||
34 | (G) A limited partnership in which there is a | ||||||
35 | change
in the controlling interest of a general partner | ||||||
36 | and that
change is 50% or less of the total
controlling |
| |||||||
| |||||||
1 | interest during the partnership's fiscal year
and the | ||||||
2 | adjusted equity of the partnership
after the change is | ||||||
3 | greater than or equal to
90% of the adjusted equity of | ||||||
4 | the partnership
before the change. For the purposes of | ||||||
5 | this paragraph,
the adjusted equity of the partnership | ||||||
6 | after the change
shall be determined from the approved | ||||||
7 | or certified
financial statement submitted to the | ||||||
8 | Department for the
first fiscal year ending after the | ||||||
9 | change. For the
purposes of this paragraph, the | ||||||
10 | adjusted equity of the
partnership before the change | ||||||
11 | shall be determined from
the approved or certified | ||||||
12 | financial statement submitted
to the Department for | ||||||
13 | the last fiscal year of the
partnership ending on the | ||||||
14 | date of or before the change.
| ||||||
15 | (H) A limited liability company in which there is
a | ||||||
16 | change in membership interests and that change is
50% | ||||||
17 | or less of the total membership interests
during the | ||||||
18 | limited liability company's fiscal year if the
| ||||||
19 | adjusted equity of the limited liability company after
| ||||||
20 | the change is greater than or equal to
90% of the | ||||||
21 | adjusted equity of the limited liability
company | ||||||
22 | before the change. For the purposes of this
paragraph, | ||||||
23 | the adjusted equity of the limited liability
company | ||||||
24 | after the change shall be determined from the
approved | ||||||
25 | or certified financial statement submitted to
the | ||||||
26 | Department for the first fiscal year ending after the
| ||||||
27 | change. For the purposes of this paragraph, the | ||||||
28 | adjusted
equity of the limited liability company | ||||||
29 | before the change
shall be determined from the approved | ||||||
30 | or certified
financial statement submitted to the | ||||||
31 | Department for the
last fiscal year of the limited | ||||||
32 | liability company ending
on the date of or before the | ||||||
33 | change.
| ||||||
34 | (I) A licensed warehouseman that is the result
of a | ||||||
35 | statutory merger or consolidation to the extent the
| ||||||
36 | combined storage capacity of the resulting |
| |||||||
| |||||||
1 | warehouseman
has been assessed under this Code before | ||||||
2 | the statutory
merger or consolidation, except that any | ||||||
3 | storage
capacity of the resulting warehouseman that | ||||||
4 | has not
previously been assessed under this Code shall | ||||||
5 | be assessed
as provided in items (c)(5), (c)(6), and | ||||||
6 | (c)(7) of this Section.
| ||||||
7 | (J) A federal warehouseman who participated
in the | ||||||
8 | Fund under Section 30-10 and who subsequently received | ||||||
9 | an
Illinois license to the extent the storage capacity | ||||||
10 | of
the warehouseman was assessed under this Code
prior | ||||||
11 | to Illinois licensing.
| ||||||
12 | (f) Grain seller initial assessments and regular | ||||||
13 | assessments. Assessments
under this subsection (f) apply only | ||||||
14 | to the first sale of grain to a grain
dealer at an Illinois | ||||||
15 | location.
| ||||||
16 | (1) The grain seller initial assessment period is that | ||||||
17 | period of time
beginning on the effective date of this | ||||||
18 | amendatory Act of the 93rd General
Assembly and ending on | ||||||
19 | the first assessment
determination date thereafter when | ||||||
20 | the equity in the fund is at least
$6,000,000.
| ||||||
21 | (2) Subject to paragraph (3) of this subsection (f) (i) | ||||||
22 | if during the
grain seller initial assessment period the | ||||||
23 | equity in the
Fund is less than $3,000,000 or (ii) if at | ||||||
24 | any time after the grain seller
initial assessment period | ||||||
25 | the equity in the Fund is less than $2,000,000, on
the | ||||||
26 | first
working day of a calendar quarter when a grain seller | ||||||
27 | is not already subject to
an assessment under this | ||||||
28 | subsection (f) (the assessment determination date),
each | ||||||
29 | person who settles for grain (sold to a
grain dealer at an | ||||||
30 | Illinois location) during the 12-month period commencing | ||||||
31 | on
the first day of the succeeding calendar quarter (the | ||||||
32 | assessment period) shall
pay an assessment equal to $0.0004
| ||||||
33 | multiplied by the net market value of grain settled for | ||||||
34 | (payment received for
grain sold).
| ||||||
35 | (3) The next assessment determination date can be no | ||||||
36 | sooner than the first
working day of the fourth full |
| |||||||
| |||||||
1 | calendar month following the end of the
assessment period.
| ||||||
2 | (4) "Net market value" of grain means the gross sales | ||||||
3 | price of that grain
adjusted by application of the grain | ||||||
4 | dealer's discount schedule in effect at
the time of sale | ||||||
5 | and after deduction of any statutory commodity check-offs.
| ||||||
6 | Other charges such as storage charges, drying charges, and | ||||||
7 | transportation costs
shall not be deducted in arriving at | ||||||
8 | the net market value of grain sold to a
grain dealer. The | ||||||
9 | net market value of grain shall be determined from the
| ||||||
10 | settlement sheet or other applicable written evidence of | ||||||
11 | the sale of grain to
the grain dealer.
| ||||||
12 | (5) All assessments under this subsection (f)
shall | ||||||
13 | commence on the first day of the calendar quarter | ||||||
14 | immediately following
the
assessment determination date | ||||||
15 | and shall continue for a period of 12 consecutive
calendar | ||||||
16 | months. The assessments shall be collected by licensees at | ||||||
17 | the time of
settlement during the assessment period, and | ||||||
18 | shall be remitted by licensees to
the Department by the | ||||||
19 | twentieth day of each calendar quarter, commencing with
the | ||||||
20 | second calendar quarter following the assessment | ||||||
21 | determination date. The
Department shall give written | ||||||
22 | notice to all licensees of when an assessment
under this | ||||||
23 | subsection (f) is to begin and end, and the appropriate | ||||||
24 | level of the
assessment, by mail within 20 days after the | ||||||
25 | assessment determination date.
| ||||||
26 | (6) Assessments under this subsection (f) apply only to | ||||||
27 | grain for which
settlement is made during the assessment | ||||||
28 | period, without regard to the date the
grain was sold to | ||||||
29 | the licensee.
| ||||||
30 | (7) The collection and remittance of assessments from | ||||||
31 | first sellers of
grain under this subsection (f) is the | ||||||
32 | sole responsibility of the licensees to
whom the grain is | ||||||
33 | sold. Sellers of grain shall not be penalized by reason of
| ||||||
34 | any licensee's failure to comply with this subsection (f). | ||||||
35 | Failure of a
licensee to collect any
assessment shall not | ||||||
36 | relieve the grain seller from paying the assessment, and
|
| |||||||
| |||||||
1 | the grain seller shall promptly remit the uncollected | ||||||
2 | assessments upon demand
by the licensee, which may be | ||||||
3 | accounted for in settlement of grain subsequently
sold to | ||||||
4 | that licensee.
Licensees who do not collect assessments as | ||||||
5 | required by
this subsection (f), or who do not remit those | ||||||
6 | assessments to the Department
within the time
deadlines | ||||||
7 | required by this subsection (f), shall remit the amount of | ||||||
8 | the
assessments that should have been remitted to the | ||||||
9 | Department and in addition
shall be subject to a monetary | ||||||
10 | penalty in an amount not to exceed $1,000.
| ||||||
11 | (8) Notwithstanding the other provisions of this | ||||||
12 | subsection (f), no
assessment shall be levied against grain | ||||||
13 | sold by the Department as a result of
a failure.
| ||||||
14 | (g) Lender assessments.
| ||||||
15 | (1) Subject to the provisions of this subsection (g), | ||||||
16 | if on the first
working day of a calendar quarter when a | ||||||
17 | person is not already subject to an
assessment under this | ||||||
18 | subsection (g) the equity in the Fund is less than
| ||||||
19 | $6,000,000, each person holding warehouse receipts issued | ||||||
20 | from an Illinois
location on grain owned or stored by a | ||||||
21 | licensee to secure a loan to that
licensee shall be
| ||||||
22 | assessed a quarterly lender assessment for each of 4 | ||||||
23 | consecutive calendar
quarters beginning with the calendar | ||||||
24 | quarter next succeeding the assessment
determination date.
| ||||||
25 | (2) Each quarterly lender assessment shall be at the | ||||||
26 | rate of $0.00000055
per bushel per day for bushels covered | ||||||
27 | by a warehouse receipt held as security
for the loan during | ||||||
28 | that calendar quarter times the applicable commodity price
| ||||||
29 | times the lender assessment multiplier, if any, determined | ||||||
30 | by the Department in
accordance with paragraph (3) of this | ||||||
31 | subsection (g). With respect to each
calendar quarter | ||||||
32 | within the assessment period, the "applicable commodity
| ||||||
33 | price"
shall be the closing price paid by the licensee on | ||||||
34 | the last working day of that
calendar
quarter for the base | ||||||
35 | commodity for which the warehouse receipt was issued.
| ||||||
36 | (3) With respect to the second assessment period |
| |||||||
| |||||||
1 | beginning after June 30,
2003, the Department shall | ||||||
2 | determine and apply a lender assessment multiplier
equal to | ||||||
3 | 250,000 divided by the aggregate dollar amount of lender | ||||||
4 | assessments
imposed under this subsection (g) under the | ||||||
5 | first assessment period beginning
after June 30, 2003. With | ||||||
6 | respect to the third assessment period beginning
after June | ||||||
7 | 30, 2003, the Department shall determine and apply a lender
| ||||||
8 | assessment multiplier equal to 250,000 divided by the | ||||||
9 | average of aggregate
dollar amounts of lender assessments | ||||||
10 | imposed under this subsection (g) under
the first 2
| ||||||
11 | assessment periods beginning after June 30, 2003. With | ||||||
12 | respect to assessment
periods thereafter, the Department | ||||||
13 | shall determine and apply a lender
assessment
multiplier | ||||||
14 | equal to 250,000 divided by the average of the 3 most | ||||||
15 | recent
aggregate dollar amounts of lender assessments | ||||||
16 | imposed under this subsection
(g).
| ||||||
17 | (4) The next assessment determination date can be no | ||||||
18 | sooner than the first
working day of the fourth full | ||||||
19 | calendar month following the end of the
assessment period.
| ||||||
20 | (5) The Department shall give written notice by mail | ||||||
21 | within 20 days after
the assessment determination date to | ||||||
22 | all licensees of when assessments under
this subsection (g) | ||||||
23 | are to begin and end, the rate of the lender assessment,
| ||||||
24 | and the lender assessment multiplier, if any, that shall | ||||||
25 | apply.
| ||||||
26 | (6) It is the responsibility of a licensee to inform | ||||||
27 | each of its lenders
and other persons by virtue of whose | ||||||
28 | relationship with the licensee this
subsection (g) will | ||||||
29 | apply as to the onset of an assessment for which that
| ||||||
30 | person might be liable and the applicable lender assessment | ||||||
31 | multiplier, if any.
The notification must be in writing | ||||||
32 | and, as to persons subject to assessment
under this | ||||||
33 | subsection (g) on the assessment determination date, must | ||||||
34 | be sent no
later than 20 days after the licensee receives | ||||||
35 | notice of an assessment from the
Department. As to persons
| ||||||
36 | not subject to assessment under this subsection (g) as of |
| |||||||
| |||||||
1 | the assessment
determination date, the notice shall be sent | ||||||
2 | or given no later than the closing
of any transaction | ||||||
3 | subsequent to the assessment determination date involving
| ||||||
4 | the licensee and by virtue of which transaction the person | ||||||
5 | is made subject to
assessment under this subsection (g).
| ||||||
6 | (7) Within 20 days after the end of each calendar | ||||||
7 | quarter within the
assessment period, each licensee shall | ||||||
8 | send to each lender with which it has
been associated | ||||||
9 | during that calendar quarter and to the Department a | ||||||
10 | written
notice of quarterly assessment together with the | ||||||
11 | information needed to
determine the amount of the quarterly | ||||||
12 | assessment owing with respect to loans
from that
lender.
| ||||||
13 | This information shall include the number of bushels | ||||||
14 | covered by each warehouse
receipt, organized by commodity, | ||||||
15 | held as security for the loan owing to that
lender, the | ||||||
16 | number of days each of those warehouse receipts was | ||||||
17 | outstanding
during that calendar quarter, the applicable | ||||||
18 | commodity price, the applicable
lender assessment | ||||||
19 | multiplier, the amount of the resulting quarterly lender
| ||||||
20 | assessment, and the due date of the quarterly assessment.
| ||||||
21 | (8) Each quarterly assessment shall be due and paid by | ||||||
22 | the lender or its
designee to the Department within 20 days | ||||||
23 | after the end of the calendar
quarter to which the | ||||||
24 | assessment pertains.
| ||||||
25 | (9) Lenders shall not be penalized by reason of any | ||||||
26 | licensee's failure to
comply with this subsection (g). | ||||||
27 | Failure of a licensee to comply with this
subsection (g) | ||||||
28 | shall not relieve the lender from paying the assessment, | ||||||
29 | and the
lender shall promptly remit the uncollected | ||||||
30 | assessments by the due date as set
forth in the notice from | ||||||
31 | the licensee.
| ||||||
32 | (10) This subsection (g) applies to any person who | ||||||
33 | holds a grain warehouse
receipt issued by a licensee from | ||||||
34 | an Illinois location pursuant to any
transaction, | ||||||
35 | regardless of its form, that creates a security interest in | ||||||
36 | the
grain including, without limitation, the advancing of |
| |||||||
| |||||||
1 | money or other value to
or for the benefit of a licensee | ||||||
2 | upon the licensee's issuance or negotiation of
a grain | ||||||
3 | warehouse receipt and pursuant to or in connection with an | ||||||
4 | agreement
between the licensee and a counter-party for the | ||||||
5 | repurchase of the grain by the
licensee or designee of the | ||||||
6 | licensee. For purposes of this subsection (g),
any such | ||||||
7 | transaction shall be treated as one in which grain is held | ||||||
8 | as security
for a loan outstanding to a licensee within the | ||||||
9 | meaning of this subsection (g),
and such a person shall be | ||||||
10 | treated as a
lender.
| ||||||
11 | (11) The Department shall immediately deposit all paid | ||||||
12 | assessments under
this subsection (g) into the Fund.
| ||||||
13 | (h) Equity in the Fund shall exclude moneys owing to the | ||||||
14 | State or the
Reserve Fund as a result of transfers to the Fund | ||||||
15 | from the General Revenue Fund
or the Reserve Fund under | ||||||
16 | subsection (h) of Section 25-20. Notwithstanding the
| ||||||
17 | foregoing, for purposes of calculating equity in the Fund | ||||||
18 | during the grain
seller initial assessment period and assessing | ||||||
19 | grain sellers, it shall be
presumed that the State is owed, | ||||||
20 | prior to repayment, only
$2,000,000 and the Reserve Fund | ||||||
21 | contains a balance of $2,000,000. Under no
circumstances, | ||||||
22 | however, shall there be more than 2 consecutive grain seller
| ||||||
23 | assessments during the initial assessment period, unless there | ||||||
24 | is a failure
that reduces the equity in the Fund to below | ||||||
25 | $3,000,000.
| ||||||
26 | (i) Notwithstanding the provisions of subsections (d)(4), | ||||||
27 | (f)(3), and (g)(4) of this Section or any other law to the | ||||||
28 | contrary, until the equity in the Fund reaches a level of | ||||||
29 | $6,000,000 for the first time, assessment periods shall | ||||||
30 | continue without interruption, subject to the termination of | ||||||
31 | assessments on grain sellers provided in subsections (f)(2) and | ||||||
32 | (h) of this Section.
| ||||||
33 | (Source: P.A. 93-225, eff. 7-21-03.)
| ||||||
34 | Section 99. Effective date. This Act takes effect upon | ||||||
35 | becoming law.
|