Section 281.20  Licensing:  Application, Fees and Financial Ratios

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 major commodity, in terms of bushels, which the applicant proposes to buy;

3)         The general manager's name and the names of those persons responsible for grain operations at each location; and

4)         The current business address of the licensee.

b)         Grain Dealer Certificate Fee

            The fee for a certificate of a grain dealer license shall be $25.00.

c)         Criteria for Licenses and Certificates

1)         A grain dealer license or a location certificate for a grain dealers license is required for each individual address at which any of the following applies:

A)        Grain is received from producers and weighed across scales which 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 any 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 license is held by the owner or lessee. A truck which is 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

            The application for extension and preliminary financial statement that consists of a compiled balance sheet must be received by the Department prior to the close of business on the date of current license's expiration.

            If the licensee is also a warehouseman, the applicant must also submit a summary of the applicant's grain inventory and storage obligations.

            The applicant shall submit an audited financial statement no later than the date the extension expires.

            The applicant shall be required to provide an explanation as to why the extension is needed.

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 which may be on a form prescribed by the Department.

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 Grain 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 upon giving required notice.

g)         Liquid assets shall include accrued storage, drying and price later service charges.