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| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB5344 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
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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 |
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| | HB5344 | | LRB099 17464 RPS 41822 b |
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| 1 | | AN ACT concerning warehouses.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Grain Code is amended by changing Section |
| 5 | | 5-20 as follows:
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| 6 | | (240 ILCS 40/5-20)
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| 7 | | Sec. 5-20.
Financial statement and
and fee requirements for
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| 8 | | the renewal of a license. |
| 9 | | (a) Applications for a renewal of a license to operate as
a |
| 10 | | Class I warehouseman or grain dealer shall be accompanied by |
| 11 | | each of the
following:
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| 12 | | (1) A financial statement made within 90 days after
the |
| 13 | | applicant's fiscal year end and prepared in conformity
with |
| 14 | | generally accepted accounting principles following an
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| 15 | | examination conducted in accordance with generally |
| 16 | | accepted
auditing standards that has attached the |
| 17 | | unqualified
opinion, or a qualified opinion if the |
| 18 | | qualification, in the sole discretion
of the
Department, |
| 19 | | does
not unduly diminish the financial stability of the |
| 20 | | licensee or applicant, of an independent
certified public |
| 21 | | accountant licensed
under Illinois law or an entity |
| 22 | | permitted to engage in the
practice of public accounting |
| 23 | | under item (b)(3) of Section 14 of the Illinois
Public |
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| | HB5344 | - 2 - | LRB099 17464 RPS 41822 b |
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| 1 | | Accounting Act. The financial statement shall consist
of a |
| 2 | | balance sheet, statement of income, statement of retained
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| 3 | | earnings, statement of cash flows, notes to financial
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| 4 | | statements, and other information as required by the
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| 5 | | Department. The financial statement shall set forth the
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| 6 | | financial position and results in operations for the most
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| 7 | | recent fiscal year of the applicant.
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| 8 | | (2) A fee of $200 for each license, $100 of which shall |
| 9 | | be
deposited into the General Revenue Fund and the balance |
| 10 | | of which shall be
deposited into the Regulatory Fund.
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| 11 | | (3) A fee for each required certificate. The amount
of |
| 12 | | the fee for each certificate shall be established by
rule. |
| 13 | | Fees shall be deposited into the Regulatory Fund.
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| 14 | | (b) Applications for a renewal of a license to operate as
a |
| 15 | | Class II warehouseman or incidental grain dealer shall be
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| 16 | | accompanied by each of the following:
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| 17 | | (1) A financial statement prepared in accordance with
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| 18 | | the requirements of item (a)(1) of Section 5-10 or, |
| 19 | | instead, a
financial statement made within 90 days after |
| 20 | | the date of
the application prepared or certified by an |
| 21 | | independent
accountant and verified under oath by the |
| 22 | | applicant. The
financial statement shall set forth the |
| 23 | | balance sheet and
statement of income of the applicant and |
| 24 | | other
information with respect to the financial resources |
| 25 | | of the
applicant that the Department may require.
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| 26 | | (2) A fee of $150 for each license, $100 of which shall |