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

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    AN ACT concerning warehouses.

 
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    Be it enacted by the People of the State of Illinois, 
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represented in the General Assembly: 

 
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    Section 5. The Grain Code is amended by changing Section 
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5-20 as follows:
 



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    (240 ILCS 40/5-20)



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    Sec. 5-20. 
Financial statement and
and fee requirements for

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the renewal of a license.
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    (a) Applications for a renewal of a license to operate as
a 
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Class I warehouseman or grain dealer shall be accompanied by 
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each of the
following:


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        (1) A financial statement made within 90 days after
the 
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    applicant's fiscal year end and prepared in conformity
with 
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    generally accepted accounting principles following an

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    examination conducted in accordance with generally 
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    accepted
auditing standards that has attached the 
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    unqualified
opinion, or a qualified opinion if the 
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    qualification, in the sole discretion
of the
Department, 
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    does
not unduly diminish the financial stability of the 
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    licensee or applicant, of an independent
certified public 
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    accountant licensed
under Illinois law or an entity 
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    permitted to engage in the
practice of public accounting 
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    under item (b)(3) of Section 14 of the Illinois
Public 
 


 






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    Accounting Act.  The financial statement shall consist
of a 
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    balance sheet, statement of income, statement of retained

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    earnings, statement of cash flows, notes to financial

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    statements, and other information as required by the

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    Department.  The financial statement shall set forth the

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    financial position and results in operations for the most

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    recent fiscal year of the applicant.


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        (2) A fee of $200 for each license, $100 of which shall 
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    be
deposited into the General Revenue Fund and the balance 
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    of which shall be
deposited into the Regulatory Fund.


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        (3) A fee for each required certificate.  The amount
of 
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    the fee for each certificate shall be established by
rule.  
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    Fees shall be deposited into the Regulatory Fund.

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    (b) Applications for a renewal of a license to operate as
a 
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Class II warehouseman or incidental grain dealer shall be

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accompanied by each of the following:


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        (1) A financial statement prepared in accordance with

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    the requirements of item (a)(1) of Section 5-10 or, 
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    instead, a
financial statement made within 90 days after 
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    the date of
the application prepared or certified by an 
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    independent
accountant and verified under oath by the 
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    applicant.  The
financial statement shall set forth the 
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    balance sheet and
statement of income of the applicant and 
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    other
information with respect to the financial resources 
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    of the
applicant that the Department may require.


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        (2) A fee of $150 for each license, $100 of which shall 
 


 






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    be
deposited into the General Revenue Fund and the balance 
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    of which shall be
deposited into the Regulatory Fund.


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        (3) A fee for each required certificate.  The amount
of 
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    the fee for each certificate shall be established by
rule.  
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    Fees shall be deposited into the Regulatory Fund.

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(Source: P.A. 93-225, eff. 7-21-03.)