101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB0776

 

Introduced 1/31/2019, by Sen. John J. Cullerton

 

SYNOPSIS AS INTRODUCED:
 
240 ILCS 40/5-20

    Amends the Grain Code. Makes a technical change in a Section concerning the procedure for license renewals under the Code.


LRB101 04537 RPS 49545 b

 

 

A BILL FOR

 

SB0776LRB101 04537 RPS 49545 b

1    AN ACT concerning warehouses.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Grain Code is amended by changing Section
55-20 as follows:
 
6    (240 ILCS 40/5-20)
7    Sec. 5-20. Financial statement and and fee requirements for
8the renewal of a license.
9    (a) Applications for a renewal of a license to operate as a
10Class I warehouseman or grain dealer shall be accompanied by
11each of the following:
12        (1) A financial statement made within 90 days after the
13    applicant's fiscal year end and prepared in conformity with
14    generally accepted accounting principles following an
15    examination conducted in accordance with generally
16    accepted auditing standards that has attached the
17    unqualified opinion, or a qualified opinion if the
18    qualification, in the sole discretion of the Department,
19    does not unduly diminish the financial stability of the
20    licensee or applicant, of an independent certified public
21    accountant licensed under Illinois law or an entity
22    permitted to engage in the practice of public accounting
23    under item (b)(3) of Section 14 of the Illinois Public

 

 

SB0776- 2 -LRB101 04537 RPS 49545 b

1    Accounting Act. The financial statement shall consist of a
2    balance sheet, statement of income, statement of retained
3    earnings, statement of cash flows, notes to financial
4    statements, and other information as required by the
5    Department. The financial statement shall set forth the
6    financial position and results in operations for the most
7    recent fiscal year of the applicant.
8        (2) A fee of $200 for each license, $100 of which shall
9    be deposited into the General Revenue Fund and the balance
10    of which shall be deposited into the Regulatory Fund.
11        (3) A fee for each required certificate. The amount of
12    the fee for each certificate shall be established by rule.
13    Fees shall be deposited into the Regulatory Fund.
14    (b) Applications for a renewal of a license to operate as a
15Class II warehouseman or incidental grain dealer shall be
16accompanied by each of the following:
17        (1) A financial statement prepared in accordance with
18    the requirements of item (a)(1) of Section 5-10 or,
19    instead, a financial statement made within 90 days after
20    the date of the application prepared or certified by an
21    independent accountant and verified under oath by the
22    applicant. The financial statement shall set forth the
23    balance sheet and statement of income of the applicant and
24    other information with respect to the financial resources
25    of the applicant that the Department may require.
26        (2) A fee of $150 for each license, $100 of which shall

 

 

SB0776- 3 -LRB101 04537 RPS 49545 b

1    be deposited into the General Revenue Fund and the balance
2    of which shall be deposited into the Regulatory Fund.
3        (3) A fee for each required certificate. The amount of
4    the fee for each certificate shall be established by rule.
5    Fees shall be deposited into the Regulatory Fund.
6(Source: P.A. 93-225, eff. 7-21-03.)