96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB0752

 

Introduced 2/6/2009, 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.


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A BILL FOR

 

SB0752 LRB096 06823 RCE 16909 b

1     AN ACT concerning warehouses.
 
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 5-20 as follows:
 
6     (240 ILCS 40/5-20)
7     Sec. 5-20. Financial statement and and fee requirements for
8 the renewal of a license.
9     (a) Applications for a renewal of a license to operate as a
10 Class I warehouseman or grain dealer shall be accompanied by
11 each 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

 

 

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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
15 Class II warehouseman or incidental grain dealer shall be
16 accompanied 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

 

 

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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.)