State of Illinois
92nd General Assembly
Legislation

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92_HB4437

 
                                               LRB9212611ACsb

 1        AN ACT concerning agriculture.

 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 fee requirements for
 8    the renewal of a license.
 9        (a)  Applications for a renewal of a license  to  operate
10    as  a  Class  I  warehouseman  or  grain dealer must shall be
11    accompanied by each of the following:
12             (1)  A financial statement made within 90 days after
13        the  applicant's  fiscal  year  end   and   prepared   in
14        conformity  with generally accepted accounting principles
15        following an examination  conducted  in  accordance  with
16        generally  accepted  auditing standards that has attached
17        the unqualified opinion, or other opinion  acceptable  to
18        the   Department,  of  an  independent  certified  public
19        accountant licensed  under  Illinois  law  or  an  entity
20        permitted  to engage in the practice of public accounting
21        under item (b)(3) of Section 14 of  the  Illinois  Public
22        Accounting Act.  The financial statement shall consist of
23        a  balance  sheet,  statement  of  income,  statement  of
24        retained  earnings,  statement  of  cash  flows, notes to
25        financial statements, and other information  as  required
26        by  the  Department.   The  financial statement shall set
27        forth the financial position and  results  in  operations
28        for the most recent fiscal year of the applicant.
29             (2)  A fee of $100 for each license.
30             (3)  A  fee  for  each  required  certificate.   The
31        amount   of   the  fee  for  each  certificate  shall  be
 
                            -2-                LRB9212611ACsb
 1        established by rule.
 2        (b)  Applications for a renewal of a license  to  operate
 3    as  a  Class  II warehouseman or incidental grain dealer must
 4    shall be accompanied by each of the following:
 5             (1)  A financial statement  prepared  in  accordance
 6        with  the requirements of item (a)(1) of Section 5-10 or,
 7        instead, a financial statement made within 90 days  after
 8        the  date  of the application prepared or certified by an
 9        independent accountant and verified  under  oath  by  the
10        applicant.   The  financial statement shall set forth the
11        balance sheet and statement of income  of  the  applicant
12        and  other  information  with  respect  to  the financial
13        resources  of  the  applicant  that  the  Department  may
14        require.
15             (2)  A fee of $100 for each license.
16             (3)  A  fee  for  each  required  certificate.   The
17        amount  of  the  fee  for  each  certificate   shall   be
18        established by rule.
19    (Source: P.A. 89-287, eff. 1-1-96.)

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