Bill Text: IL SB0503 | 2017-2018 | 100th General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2019-01-09 - Session Sine Die [SB0503 Detail]

Download: Illinois-2017-SB0503-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 SB0503 Introduced 1/24/2017, 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.
LRB100 05221 RPS 15231 b
A BILL FOR
SB0503 LRB100 05221 RPS 15231 b
AN ACT concerning warehouses.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Grain Code is amended by changing Section
5-20 as follows:
(240 ILCS 40/5-20)
Sec. 5-20. Financial statement and and fee requirements for
the renewal of a license.
(a) Applications for a renewal of a license to operate as a
Class I warehouseman or grain dealer shall be accompanied by
each of the following:
(1) A financial statement made within 90 days after the
applicant's fiscal year end and prepared in conformity with
generally accepted accounting principles following an
examination conducted in accordance with generally
accepted auditing standards that has attached the
unqualified opinion, or a qualified opinion if the
qualification, in the sole discretion of the Department,
does not unduly diminish the financial stability of the
licensee or applicant, of an independent certified public
accountant licensed under Illinois law or an entity
permitted to engage in the practice of public accounting
under item (b)(3) of Section 14 of the Illinois Public

SB0503 - 2 - LRB100 05221 RPS 15231 b
Accounting Act. The financial statement shall consist of a
balance sheet, statement of income, statement of retained
earnings, statement of cash flows, notes to financial
statements, and other information as required by the
Department. The financial statement shall set forth the
financial position and results in operations for the most
recent fiscal year of the applicant.
(2) A fee of $200 for each license, $100 of which shall
be deposited into the General Revenue Fund and the balance
of which shall be deposited into the Regulatory Fund.
(3) A fee for each required certificate. The amount of
the fee for each certificate shall be established by rule.
Fees shall be deposited into the Regulatory Fund.
(b) Applications for a renewal of a license to operate as a
Class II warehouseman or incidental grain dealer shall be
accompanied by each of the following:
(1) A financial statement prepared in accordance with
the requirements of item (a)(1) of Section 5-10 or,
instead, a financial statement made within 90 days after
the date of the application prepared or certified by an
independent accountant and verified under oath by the
applicant. The financial statement shall set forth the
balance sheet and statement of income of the applicant and
other information with respect to the financial resources
of the applicant that the Department may require.
(2) A fee of $150 for each license, $100 of which shall

SB0503 - 3 - LRB100 05221 RPS 15231 b
be deposited into the General Revenue Fund and the balance
of which shall be deposited into the Regulatory Fund.
(3) A fee for each required certificate. The amount of
the fee for each certificate shall be established by rule.
Fees shall be deposited into the Regulatory Fund.
(Source: P.A. 93-225, eff. 7-21-03.)