Current through Register Vol. 48, No. 12, March 22, 2024
a) Form and Content of Application
All applications for a license shall be filed on forms provided
by the Department. The application shall be signed by the applicant and shall
include the following information, without limitation:
1) Whether the applicant is a corporation,
cooperative, partnership, individual or other business entity;
2) The general manager's name and home
address;
3) The name and home
address of the persons responsible for grain operations at each
location;
4) The names and home
addresses of management, principal officers and members of the Board of
Directors of the licensee;
5) The
current business address of the licensee;
6) If the applicant has been engaged in the
business as a grain dealer:
A) for one year
or more, the aggregate dollar amount paid to producers for grain during the
applicant's last completed fiscal year; or
B) for less than one year, or has not engaged
in the business of buying grain from producers, the estimated aggregate dollar
amount to be paid by the applicant to producers for grain purchased from
producers during the applicant's first fiscal year;
7) A summary of company-owned grain
inventory, grain assets and payables, related party receivables and payables,
net position and grain profits; and
8) The criminal history of management and
principal officers of the applicant or licensee.
b) Grain Dealer Certificate Fee
The fee for a certificate of a grain dealer's license shall be
$25.
c) Criteria for
Licenses and Certificates
1) A grain dealer's
license or a location certificate for a grain dealer's license is required for
each individual address at which any of the following applies:
A) Grain is received from producers and
weighed across scales that are under the licensee's control.
B) Contracts are negotiated and executed for
the purchase of grain.
C)
Settlement or payment is made for grain purchased from Illinois
producers.
D) Records relating to
any of these transactions are maintained.
2) A grain warehouse license is required for
each individual address at which either of the following applies:
A) Grain is received from depositors for
storage and weighed across a scale.
B) Warehouse receipts are issued or grain
storage records are maintained.
3) A truck owned or leased and used for the
purpose of receiving or transporting grain by a grain dealer is required to
carry a certificate showing that a grain dealer's license is held by the owner
or lessee. The fee for a certificate carried in a truck or tractor trailer unit
used in connection with the licensee's grain dealer business shall be $25. A
truck hired by the grain dealer to haul grain is exempt from the certificate
requirement.
4) Multiple Warehouse
Locations
A common license may be issued for the operation of two or more
warehouse facilities if the warehouseman operates each warehouse in conjunction
with the other, all functioning under the same name, located in the same
geographical area, operating out of a principal office, keeping the same set of
records and having the same management.
d) Filing for Extensions
1) The application for extension and a
preliminary financial statement must be received by the Department prior to the
close of business on the date of expiration of the current license.
2) The preliminary financial statement must:
A) consist of a balance sheet and be compiled
by an independent certified public accountant licensed under Illinois law or an
entity permitted to engage in the practice of public accounting under Section
14(b)(3) of the Illinois Public Accounting Act [225 ILCS 450 ]; or
B) in the case of a Class II Warehouseman or
incidental grain dealer, be reviewed by an independent accountant that meets
the requirements of Section 5-25(b) of the Code.
3) If the licensee is also a warehouseman,
the applicant must also submit a summary of the applicant's grain inventory and
storage obligations.
4) The
Department must be satisfied that the applicant meets all renewal requirements
(see Section 5-25 of the Code) no later than the date the extension
expires.
5) The applicant shall be
required to provide an explanation as to why the extension is needed.
6) An extension will be granted by the
Department for a period of time not to exceed 30 days if the Department
determines that the applicant appears to have complied with the financial
requirements of Section 5-25(b) of the Code.
e) Class II/Incidental Financial Statement
Form
The Department shall request that an applicant for an
incidental grain dealer or Class II warehouse license submit a financial
statement on a form prescribed by the Department or a compiled financial
statement consisting of an income statement and balance sheet completed by an
independent accountant.
f)
Reduction of Filing Period for License Renewal
When the Department determines that an applicant has failed to
meet the financial requirements of Section 5-25(b) of the Code, the Department
shall reduce the filing period for an application for renewal of a license to
no less than 60 days after the licensee's fiscal year end. The Department must
give written notice of the reduced filing period to the licensee at least 60
days before the earlier deadline imposed by the Department to file the
application for renewal of a license.
g) Liquid assets shall include accrued
storage, drying and price later service charges.
