Full Text of HB0665 93rd General Assembly
HB0665enr 93RD GENERAL ASSEMBLY
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HB0665 Enrolled |
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LRB093 05349 JAM 05439 b |
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| AN ACT concerning grain.
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| Be it enacted by the People of the State of Illinois, | 3 |
| represented in the General Assembly:
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| Section 5. The Grain Code is amended by changing Section | 5 |
| 5-30 as follows:
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| (240 ILCS 40/5-30)
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| Sec. 5-30. Grain Insurance Fund assessments. The Illinois | 8 |
| Grain Insurance
Fund is established as a continuation of the | 9 |
| fund
created under the Illinois Grain Insurance Act, now | 10 |
| repealed.
Licensees, applicants for a new license, first | 11 |
| sellers of grain to grain
dealers
at Illinois locations, and | 12 |
| lenders to licensees shall pay assessments as set
forth in this | 13 |
| Section.
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| (a) Subject to subsection (e) of this Section, a
licensee | 15 |
| that is newly licensed after the effective date of this
Code | 16 |
| shall pay an assessment into the Fund for 3
consecutive years. | 17 |
| These assessments are known as "newly licensed
assessments". | 18 |
| Except as provided in item (6) of subsection (b) of this
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| Section, the first installment shall be paid at the time of
or | 20 |
| before the
issuance of a new license, the second installment | 21 |
| shall be
paid on
or before the first anniversary date of the | 22 |
| issuance of the new
license, and the third installment shall be | 23 |
| paid on or
before the
second anniversary date of the issuance | 24 |
| of the new license. For a grain
dealer, the payment of each of | 25 |
| the 3 installments shall be based upon
the total estimated | 26 |
| value of grain purchases by the grain dealer for the
applicable | 27 |
| year with the final installment amount determined
as set forth | 28 |
| in
item (6) of subsection (b) of this Section. After the
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| licensee has paid or was required to pay the last 3 | 30 |
| installments of the
newly licensed assessments, the
licensee | 31 |
| shall be subject to subsequent assessments as set forth in
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| subsection (d) of this Section.
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| (b) Grain dealer newly licensed assessments.
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| (1) The first installment for a grain dealer shall be
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| an
amount equal to:
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| (A) $0.000145 multiplied by the total value of
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| grain purchases for the grain dealer's first fiscal | 6 |
| year
as shown in the final financial statement for that | 7 |
| year
provided to the Department under Section 5-20; and
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| (B) $0.000255 multiplied by that portion of the
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| value of grain purchases for the grain dealer's first
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| fiscal year that exceeds the adjusted equity of the
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| licensee multiplied by 20, as shown on the
final | 12 |
| financial statement for the licensee's first fiscal
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| year provided to the Department under Section 5-20.
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| (2) The minimum amount for the first installment
shall | 15 |
| be $500 and the maximum shall be $15,000.
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| (3) The second installment for a grain dealer shall be
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| an
amount equal to:
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| (A) $0.0000725 multiplied by the total value of
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| grain purchases for the grain dealer's second fiscal | 20 |
| year
as shown in the final financial statement for that | 21 |
| year
provided to the Department under Section 5-20; and
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| (B) $0.0001275 multiplied by that portion of the
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| value of grain purchases for the grain dealer's second
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| fiscal year that exceeds the adjusted equity of the
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| licensee multiplied by 20, as shown on the
final | 26 |
| financial statement for the licensee's second
fiscal | 27 |
| year provided to the Department under
Section 5-20.
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| (4) The third installment for a grain dealer shall be
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| an
amount equal to:
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| (A) $0.0000725 multiplied by the total value of
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| grain purchases for the grain dealer's third fiscal | 32 |
| year
as shown in the final financial statement for that | 33 |
| year
provided to the Department under Section 5-20; and
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| (B) $0.0001275 multiplied by that portion of the
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| value of grain purchases for the grain dealer's third
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| fiscal year that exceeds the adjusted equity of the
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| licensee multiplied by 20, as shown on the
final | 2 |
| financial statement for the licensee's third fiscal
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| year.
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| (5) The minimum amount of the second and third | 5 |
| installments shall be
$250 per year and the maximum for | 6 |
| each year shall be $7,500.
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| (6) Each of the newly licensed assessments shall be
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| adjusted up or down based upon the actual annual grain
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| purchases for each year as shown in the final financial
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| statement for that year provided to the Department under
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| Section 5-20. The adjustments shall be determined by the
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| Department within 30 days of the date of approval of
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| renewal of a license. Refunds shall be
paid out of the Fund | 14 |
| within 60
days after the Department's determination. | 15 |
| Additional amounts
owed for any installment shall be paid | 16 |
| within 30 days
after notification by the Department.
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| (7) For the purposes of grain dealer newly licensed | 18 |
| assessments under
subsection (b) of
this Section, the total | 19 |
| value of grain purchases shall be the total value of
first | 20 |
| time grain purchases by Illinois locations from producers.
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| (8) The second and third installments shall be paid to | 22 |
| the Department
within 60 days after the date posted on the | 23 |
| written notice of assessment. The
Department shall | 24 |
| immediately deposit all paid installments into the Fund.
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| (c) Warehouseman newly licensed assessments.
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| (1) The first assessment for a warehouseman shall be an
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| amount equal to:
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| (A) $0.00085 multiplied by the total permanent
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| storage capacity of the warehouseman at the time of
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| license issuance; and
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| (B) $0.00099 multiplied by that portion of the
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| permanent storage capacity of the warehouseman at the
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| time of license issuance that exceeds the adjusted | 34 |
| equity
of the licensee multiplied by 5, all as shown on | 35 |
| the
final financial statement for the licensee | 36 |
| provided to
the Department under Section 5-10.
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| (2) The minimum amount for the first installment
shall | 2 |
| be $500 and the maximum shall be $15,000.
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| (3) The second and third installments shall be an
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| amount
equal to:
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| (A) $0.000425 multiplied by the total permanent
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| storage capacity of the warehouseman at the time of
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| license issuance; and
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| (B) $0.000495 multiplied by that portion of the
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| permanent licensed storage capacity of the | 10 |
| warehouseman
at the time of license issuance that | 11 |
| exceeds the adjusted
equity of the licensee multiplied | 12 |
| by 5, as shown
on the final financial statement for the | 13 |
| licensee's last
completed fiscal year provided to the | 14 |
| Department under
Section 5-20.
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| (4) The minimum amount for the second and
third | 16 |
| installments shall be $250 per
installment and the
maximum | 17 |
| for each installment shall be $7,500.
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| (5) Every warehouseman shall pay
an assessment when | 19 |
| increasing available permanent
storage capacity in an | 20 |
| amount equal to $0.001 multiplied by
the total number of | 21 |
| bushels to be added to permanent storage
capacity. The | 22 |
| minimum assessment on any increase in permanent
storage | 23 |
| capacity shall be $50 and the maximum assessment
shall be | 24 |
| $20,000. The assessment based upon an increase in
permanent | 25 |
| storage capacity shall be paid
at or before the time of | 26 |
| approval of the increase in
permanent storage capacity. | 27 |
| This assessment on the increased
permanent storage | 28 |
| capacity does not relieve the warehouseman
of any | 29 |
| assessments as set forth in subsection (d) of this Section.
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| (6) Every warehouseman shall pay
an assessment of | 31 |
| $0.0005 per bushel when increasing
available storage | 32 |
| capacity by use of temporary storage space.
The minimum | 33 |
| assessment on temporary storage space shall be
$100. The | 34 |
| assessment based upon temporary storage space
shall be paid | 35 |
| at or before the
time of approval of the amount of the | 36 |
| temporary storage
space.
This assessment on the temporary |
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| storage space capacity does
not relieve the warehouseman of | 2 |
| any assessments as set forth
in subsection (d) of this | 3 |
| Section.
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| (7) Every warehouseman shall pay
an assessment of | 5 |
| $0.001 per bushel of emergency
storage space. The minimum | 6 |
| assessment on any emergency
storage space shall be $100. | 7 |
| The assessment based upon
emergency storage space shall be | 8 |
| paid
at or before the time of approval of the amount of
the | 9 |
| emergency storage space. This assessment on the emergency
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| storage space does not relieve the warehouseman of any
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| assessments as set forth in subsection (d) of this Section.
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| (8) The second and third installments shall be paid to | 13 |
| the Department
within 60 days after the date posted on the | 14 |
| written notice of assessment. The
Department shall | 15 |
| immediately deposit all paid installments into the Fund.
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| (d) Grain dealer subsequent assessments; warehouseman
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| subsequent assessments.
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| (1) Subject to paragraph (4) of this subsection (d), if | 19 |
| on the first
working day of a calendar quarter when a | 20 |
| licensee is not already subject to an
assessment under this | 21 |
| subsection (d) (the assessment determination date),
if the | 22 |
| equity in the Fund is
less than $6,000,000, every grain | 23 |
| dealer who has, or was
required to have, already paid the | 24 |
| newly licensed
assessments shall be assessed by the | 25 |
| Department in a total amount
equal
to:
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| (A) $0.0000725 multiplied by the total value of
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| grain purchases for the grain dealer's last completed
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| fiscal year prior to the assessment determination date | 29 |
| as shown in the
final financial statement for
that year | 30 |
| provided to the Department under Section
5-20; and
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| (B) $0.0001275 multiplied by that portion of the
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| value of grain purchases for the grain dealer's last
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| completed fiscal year prior to the assessment | 34 |
| determination date that
exceeds the adjusted equity of
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| the licensee multiplied by 20, as shown on
the final | 36 |
| financial statement for the licensee's last
completed |
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| fiscal year provided to the Department under
Section | 2 |
| 5-20.
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| The minimum total amount for the grain dealer's
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| subsequent
assessment shall be $250 per 12-month period and | 5 |
| the
maximum amount
shall be $7,500 per 12-month period.
For | 6 |
| the purposes of grain dealer assessments under this item | 7 |
| (1) of subsection
(d) of this Section, the total value of | 8 |
| grain purchases shall be the total
value of first time | 9 |
| grain purchases by Illinois locations from
producers.
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| (2) Subject to paragraph (4) of this subsection (d), if | 11 |
| on the first
working day
of a calendar quarter when a | 12 |
| licensee is not subject to an assessment under
this | 13 |
| subsection (d) (the assessment determination date),
if the | 14 |
| equity in the Fund is
less than $6,000,000, every | 15 |
| warehouseman who has, or was
required to have, already paid | 16 |
| the newly licensed
assessments shall be assessed a | 17 |
| warehouseman subsequent assessment by the
Department in a | 18 |
| total amount equal
to:
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| (A) $0.000425 multiplied by the total licensed
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| storage capacity of the warehouseman as of the first | 21 |
| day of September
that immediately precedes the | 22 |
| assessment determination date; and
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| (B) $0.000495 multiplied by that portion of the
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| licensed storage capacity of the warehouseman as of
the | 25 |
| first day of September that immediately precedes the | 26 |
| assessment
determination date that exceeds the | 27 |
| adjusted
equity of the licensee multiplied by 5, as | 28 |
| shown
on the final financial statement for the | 29 |
| licensee's last
completed fiscal year provided to the | 30 |
| Department under
Section 5-20.
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| The minimum total amount for a warehouseman subsequent
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| assessment shall be $250 per 12-month period and the
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| maximum amount
shall be $7,500 per 12-month period.
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| (3) Subject to paragraph (4) of this subsection (d), if | 35 |
| the equity in
the Fund is below $6,000,000 on the first | 36 |
| working day of a calendar quarter
when a licensee is not |
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| already subject to an assessment under this subsection
(d) | 2 |
| (the assessment determination date), every incidental | 3 |
| grain dealer who has,
or was required to have, already paid | 4 |
| all 3 installments of the newly
licensed assessments shall | 5 |
| be assessed by the Department in a total amount
equal to | 6 |
| $100. It shall be paid to the Department within 60 days | 7 |
| after the date
posted on the written notification by the | 8 |
| Department, which shall be sent after
the first day of the | 9 |
| calendar quarter immediately following the assessment
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| determination date.
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| (4) Following the payment of the final quarterly | 12 |
| installment
by grain dealers and warehousemen, the next | 13 |
| assessment determination date can
be no sooner than the | 14 |
| first working day of the sixth full calendar month
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| following the payment.
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| (5) All assessments under paragraphs (1) and (2) of | 17 |
| this
subsection (d) shall be effective as of the first day | 18 |
| of the calendar quarter
immediately following the | 19 |
| assessment determination date and shall be paid to
the | 20 |
| Department by licensees in 4 equal installments by the | 21 |
| twentieth day of
each consecutive calendar quarter | 22 |
| following notice by the Department of the
assessment. The | 23 |
| Department shall give written notice to all licensees of | 24 |
| when
the assessment is effective, and the rate of the | 25 |
| assessment, by mail within 20
days after the assessment | 26 |
| determination date.
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| (6) After an assessment under paragraph (1) and (2) of | 28 |
| this
subsection (d) is instituted, the amount of any unpaid | 29 |
| installments for the
assessment shall not be adjusted based | 30 |
| upon any change in the financial
statements or licensed | 31 |
| storage capacity of a licensee.
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| (7) If the due date for the payment by a licensee of | 33 |
| the third assessment
under subsections (b) and (c) of this | 34 |
| Section 5-30 is after the assessment
determination date, | 35 |
| that licensee shall not be subject to any of the 4
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| installments of an assessment under paragraphs (1) and (2) |
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| of this
subsection (d).
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| (8) The Department shall immediately deposit all paid | 3 |
| assessments into the
Fund.
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| (e) Newly licensed; exemptions.
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| (1) For the purpose of assessing fees for the Fund
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| under subsection (a) of this Section, and subject to the | 7 |
| provisions of
item (e)(2) of this Section, the Department | 8 |
| shall consider the
following to be newly licensed:
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| (A) A person that becomes a licensee for the
first | 10 |
| time after the effective date of this Code.
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| (B) A licensee who has a lapse in licensing of
more | 12 |
| than 30 days. A license shall not be considered to
be | 13 |
| lapsed after its revocation or termination if an
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| administrative or judicial action is pending or if an
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| order from an administrative or judicial body | 16 |
| continues
an existing license.
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| (C) A grain dealer that is a general partnership in | 18 |
| which there is a
change in partnership interests and | 19 |
| that change is
greater than 50% during the | 20 |
| partnership's
fiscal year.
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| (D) A grain dealer that is a limited partnership in | 22 |
| which there is a
change in the controlling interest of | 23 |
| a general partner
and that change is greater than 50% | 24 |
| of
the total controlling interest during the limited
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| partnership's fiscal year.
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| (E) A grain dealer that is a limited liability | 27 |
| company in which there is
a change in membership | 28 |
| interests and that change is
greater than 50% during | 29 |
| the limited
liability company's fiscal year.
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| (F) A grain dealer that is the result of a | 31 |
| statutory consolidation if
that
person has adjusted | 32 |
| equity of less than
90% of the combined adjusted equity | 33 |
| of the predecessor
persons who consolidated. For the | 34 |
| purposes of this
paragraph, the adjusted equity of the | 35 |
| resulting person
shall be determined from the approved | 36 |
| or certified
financial statement submitted to the |
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| Department for the
first fiscal year of the resulting | 2 |
| person. For the
purpose of this paragraph, the combined | 3 |
| adjusted equity
of the predecessor persons shall be | 4 |
| determined by
combining the adjusted equity of each | 5 |
| predecessor person
as set forth in the most recent | 6 |
| approved or certified
financial statement of each | 7 |
| predecessor person submitted
to the Department.
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| (G) A grain dealer that is the result of a | 9 |
| statutory merger if that
person
has adjusted equity of | 10 |
| less than 90% of
the combined adjusted equity of the | 11 |
| predecessor persons
who merged. For the purposes of | 12 |
| this paragraph, the
adjusted equity of the resulting | 13 |
| person shall be
determined from the approved or | 14 |
| certified financial
statement submitted to the | 15 |
| Department for the first
fiscal year of the resulting | 16 |
| person ending after the
merger. For the purposes of | 17 |
| this paragraph, the combined
adjusted equity of the | 18 |
| predecessor persons shall be
determined by combining | 19 |
| the adjusted equity of each
predecessor person as set | 20 |
| forth in the most recent
approved or certified | 21 |
| financial statement submitted to
the Department for | 22 |
| the last fiscal year of each
predecessor person ending | 23 |
| on the date of or before the
merger.
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| (H) A grain dealer that is a general partnership in | 25 |
| which there is a
change in partnership interests and | 26 |
| that change is
50% or less during the partnership's | 27 |
| fiscal
year if the adjusted equity of the partnership | 28 |
| after the
change is less than 90% of the adjusted
| 29 |
| equity of the partnership before the change. For the
| 30 |
| purpose of this paragraph, the adjusted equity of the
| 31 |
| partnership after the change shall be determined from | 32 |
| the
approved or certified financial statement | 33 |
| submitted to
the Department for the first fiscal year | 34 |
| ending after the
change. For the purposes of this | 35 |
| paragraph, the adjusted
equity of the partnership | 36 |
| before the change shall be
determined from the approved |
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| or certified financial
statement submitted to the | 2 |
| Department for the last fiscal
year of the partnership | 3 |
| ending on the date of or before
the change.
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| (I) A grain dealer that is a limited partnership in | 5 |
| which there is a
change in the controlling interest of | 6 |
| a general partner
and that change is 50% or less of the
| 7 |
| total controlling interest during the partnership's
| 8 |
| fiscal year if the adjusted equity of the partnership
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| after the change is less than 90% of the
adjusted | 10 |
| equity of the partnership before the change.
For the | 11 |
| purposes of this paragraph, the adjusted equity
of the | 12 |
| partnership after the change shall be determined
from | 13 |
| the approved or certified financial statement
| 14 |
| submitted to the Department for the first fiscal year
| 15 |
| ending after the change. For the purposes of this
| 16 |
| paragraph, the adjusted equity of the partnership | 17 |
| before
the change shall be determined from the approved | 18 |
| or
certified financial statement submitted to the | 19 |
| Department
for the last fiscal year of the partnership | 20 |
| ending on the
date of or before the change.
| 21 |
| (J) A grain dealer that is a limited liability | 22 |
| company in which there is
a change in membership | 23 |
| interests and that change is
50% or less of the total | 24 |
| membership interests
during the limited liability | 25 |
| company's fiscal year if the
adjusted equity of the | 26 |
| limited liability company after
the change is less than | 27 |
| 90% of the
adjusted equity of the limited liability | 28 |
| company before
the change. For the purposes of this | 29 |
| paragraph, the
adjusted equity of the limited | 30 |
| liability company after
the change shall be determined | 31 |
| from the approved or
certified financial statement | 32 |
| submitted to the Department
for the first fiscal year | 33 |
| ending after the change. For
the purposes of this | 34 |
| paragraph, the adjusted equity of
the limited | 35 |
| liability company before the change shall be
| 36 |
| determined from the approved or certified financial
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LRB093 05349 JAM 05439 b |
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| statement submitted to the Department for the last | 2 |
| fiscal
year of the limited liability company ending on | 3 |
| the date
of or before the change.
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| (K) A grain dealer that is the result of a | 5 |
| statutory
consolidation or merger if one or more of the
| 6 |
| predecessor
persons that consolidated or merged into | 7 |
| the resulting
grain dealer was not a licensee under | 8 |
| this Code at the time of
the consolidation or merger.
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| (2) For the purpose of assessing fees for
the Fund as | 10 |
| set forth in subsection (a) of this Section, the Department | 11 |
| shall
consider the following as not being newly licensed | 12 |
| and,
therefore, exempt from further assessment unless an
| 13 |
| assessment is required by subsection (d) of this Section:
| 14 |
| (A) A person resulting solely from a name change
of | 15 |
| a licensee.
| 16 |
| (B) A warehouseman changing from a Class I
| 17 |
| warehouseman to a Class II warehouseman or from a Class
| 18 |
| II warehouseman to a Class I warehouseman under this
| 19 |
| Code.
| 20 |
| (C) A licensee that becomes a wholly owned
| 21 |
| subsidiary of another licensee.
| 22 |
| (D) Subject to item (e)(1)(K) of this Section, a | 23 |
| person
that is the result of a statutory consolidation | 24 |
| if that
person has adjusted equity greater than or | 25 |
| equal to
90% of the combined adjusted equity of
the | 26 |
| predecessor persons who consolidated. For the
purposes | 27 |
| of this paragraph, the adjusted equity of the
resulting | 28 |
| person shall be determined from the approved or
| 29 |
| certified financial statement submitted to the | 30 |
| Department
for the first fiscal year of the resulting | 31 |
| person.
For
the purpose of this paragraph, the combined | 32 |
| adjusted
equity of the predecessor persons shall be | 33 |
| determined by
combining the adjusted equity of each | 34 |
| predecessor person as
set
forth in the most recent | 35 |
| approved or certified financial
statement of each | 36 |
| predecessor person submitted to the
Department.
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LRB093 05349 JAM 05439 b |
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| (E) Subject to item (e)(1)(K) of this Section, a | 2 |
| person
that is the result of a statutory merger if that | 3 |
| person
has adjusted equity greater than or equal to
90% | 4 |
| of the combined adjusted equity of the
predecessor | 5 |
| persons who merged. For the purposes of this
paragraph, | 6 |
| the adjusted equity of the resulting person
shall be | 7 |
| determined from the approved or certified
financial | 8 |
| statement submitted to the Department for the
first | 9 |
| fiscal year of the resulting person ending after
the | 10 |
| merger. For the purposes of this paragraph, the
| 11 |
| combined adjusted equity of the predecessor persons | 12 |
| shall
be determined by combining the adjusted equity of | 13 |
| each
predecessor person as set forth in the most recent
| 14 |
| approved or certified financial statement, submitted | 15 |
| to
the Department
for the last fiscal year of each
| 16 |
| predecessor person ending on the date of or before the
| 17 |
| merger.
| 18 |
| (F) A general partnership in which there is a
| 19 |
| change in partnership interests and that change is
50% | 20 |
| or less during the partnership's fiscal
year and the | 21 |
| adjusted equity of the partnership
after the change is | 22 |
| greater than or equal to
90% of the adjusted equity of | 23 |
| the partnership
before the change. For the purposes of | 24 |
| this paragraph,
the adjusted equity of the partnership | 25 |
| after the change
shall be determined from the approved | 26 |
| or certified
financial statement submitted to the | 27 |
| Department for the
first fiscal year ending after the | 28 |
| change. For the
purposes of this paragraph, the | 29 |
| adjusted equity of the
partnership before the change | 30 |
| shall be determined from
the approved or certified | 31 |
| financial statement submitted
to the Department for | 32 |
| the last fiscal year of the
partnership ending on the | 33 |
| date of or before the change.
| 34 |
| (G) A limited partnership in which there is a | 35 |
| change
in the controlling interest of a general partner | 36 |
| and that
change is 50% or less of the total
controlling |
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| interest during the partnership's fiscal year
and the | 2 |
| adjusted equity of the partnership
after the change is | 3 |
| greater than or equal to
90% of the adjusted equity of | 4 |
| the partnership
before the change. For the purposes of | 5 |
| this paragraph,
the adjusted equity of the partnership | 6 |
| after the change
shall be determined from the approved | 7 |
| or certified
financial statement submitted to the | 8 |
| Department for the
first fiscal year ending after the | 9 |
| change. For the
purposes of this paragraph, the | 10 |
| adjusted equity of the
partnership before the change | 11 |
| shall be determined from
the approved or certified | 12 |
| financial statement submitted
to the Department for | 13 |
| the last fiscal year of the
partnership ending on the | 14 |
| date of or before the change.
| 15 |
| (H) A limited liability company in which there is
a | 16 |
| change in membership interests and that change is
50% | 17 |
| or less of the total membership interests
during the | 18 |
| limited liability company's fiscal year if the
| 19 |
| adjusted equity of the limited liability company after
| 20 |
| the change is greater than or equal to
90% of the | 21 |
| adjusted equity of the limited liability
company | 22 |
| before the change. For the purposes of this
paragraph, | 23 |
| the adjusted equity of the limited liability
company | 24 |
| after the change shall be determined from the
approved | 25 |
| or certified financial statement submitted to
the | 26 |
| Department for the first fiscal year ending after the
| 27 |
| change. For the purposes of this paragraph, the | 28 |
| adjusted
equity of the limited liability company | 29 |
| before the change
shall be determined from the approved | 30 |
| or certified
financial statement submitted to the | 31 |
| Department for the
last fiscal year of the limited | 32 |
| liability company ending
on the date of or before the | 33 |
| change.
| 34 |
| (I) A licensed warehouseman that is the result
of a | 35 |
| statutory merger or consolidation to the extent the
| 36 |
| combined storage capacity of the resulting |
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| warehouseman
has been assessed under this Code before | 2 |
| the statutory
merger or consolidation, except that any | 3 |
| storage
capacity of the resulting warehouseman that | 4 |
| has not
previously been assessed under this Code shall | 5 |
| be assessed
as provided in items (c)(5), (c)(6), and | 6 |
| (c)(7) of this Section.
| 7 |
| (J) A federal warehouseman who participated
in the | 8 |
| Fund under Section 30-10 and who subsequently received | 9 |
| an
Illinois license to the extent the storage capacity | 10 |
| of
the warehouseman was assessed under this Code
prior | 11 |
| to Illinois licensing.
| 12 |
| (f) Grain seller initial assessments and regular | 13 |
| assessments. Assessments
under this subsection (f) apply only | 14 |
| to the first sale of grain to a grain
dealer at an Illinois | 15 |
| location.
| 16 |
| (1) The grain seller initial assessment period is that | 17 |
| period of time
beginning on the effective date of this | 18 |
| amendatory Act of the 93rd General
Assembly and ending on | 19 |
| the first assessment
determination date thereafter when | 20 |
| the equity in the fund is at least
$6,000,000.
| 21 |
| (2) Subject to paragraph (3) of this subsection (f) (i) | 22 |
| if during the
grain seller initial assessment period the | 23 |
| equity in the
Fund is less than $3,000,000 or (ii) if at | 24 |
| any time after the grain seller
initial assessment period | 25 |
| the equity in the Fund is less than $2,000,000, on
the | 26 |
| first
working day of a calendar quarter when a grain seller | 27 |
| is not already subject to
an assessment under this | 28 |
| subsection (f) (the assessment determination date),
each | 29 |
| person who settles for grain (sold to a
grain dealer at an | 30 |
| Illinois location) during the 12-month period commencing | 31 |
| on
the first day of the succeeding calendar quarter (the | 32 |
| assessment period) shall
pay an assessment equal to $0.0004
| 33 |
| multiplied by the net market value of grain settled for | 34 |
| (payment received for
grain sold).
| 35 |
| (3) The next assessment determination date can be no | 36 |
| sooner than the first
working day of the fourth full |
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| calendar month following the end of the
assessment period.
| 2 |
| (4) "Net market value" of grain means the gross sales | 3 |
| price of that grain
adjusted by application of the grain | 4 |
| dealer's discount schedule in effect at
the time of sale | 5 |
| and after deduction of any statutory commodity check-offs.
| 6 |
| Other charges such as storage charges, drying charges, and | 7 |
| transportation costs
shall not be deducted in arriving at | 8 |
| the net market value of grain sold to a
grain dealer. The | 9 |
| net market value of grain shall be determined from the
| 10 |
| settlement sheet or other applicable written evidence of | 11 |
| the sale of grain to
the grain dealer.
| 12 |
| (5) All assessments under this subsection (f)
shall | 13 |
| commence on the first day of the calendar quarter | 14 |
| immediately following
the
assessment determination date | 15 |
| and shall continue for a period of 12 consecutive
calendar | 16 |
| months. The assessments shall be collected by licensees at | 17 |
| the time of
settlement during the assessment period, and | 18 |
| shall be remitted by licensees to
the Department by the | 19 |
| twentieth day of each calendar quarter, commencing with
the | 20 |
| second calendar quarter following the assessment | 21 |
| determination date. The
Department shall give written | 22 |
| notice to all licensees of when an assessment
under this | 23 |
| subsection (f) is to begin and end, and the appropriate | 24 |
| level of the
assessment, by mail within 20 days after the | 25 |
| assessment determination date.
| 26 |
| (6) Assessments under this subsection (f) apply only to | 27 |
| grain for which
settlement is made during the assessment | 28 |
| period, without regard to the date the
grain was sold to | 29 |
| the licensee.
| 30 |
| (7) The collection and remittance of assessments from | 31 |
| first sellers of
grain under this subsection (f) is the | 32 |
| sole responsibility of the licensees to
whom the grain is | 33 |
| sold. Sellers of grain shall not be penalized by reason of
| 34 |
| any licensee's failure to comply with this subsection (f). | 35 |
| Failure of a
licensee to collect any
assessment shall not | 36 |
| relieve the grain seller from paying the assessment, and
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| the grain seller shall promptly remit the uncollected | 2 |
| assessments upon demand
by the licensee, which may be | 3 |
| accounted for in settlement of grain subsequently
sold to | 4 |
| that licensee.
Licensees who do not collect assessments as | 5 |
| required by
this subsection (f), or who do not remit those | 6 |
| assessments to the Department
within the time
deadlines | 7 |
| required by this subsection (f), shall remit the amount of | 8 |
| the
assessments that should have been remitted to the | 9 |
| Department and in addition
shall be subject to a monetary | 10 |
| penalty in an amount not to exceed $1,000.
| 11 |
| (8) Notwithstanding the other provisions of this | 12 |
| subsection (f), no
assessment shall be levied against grain | 13 |
| sold by the Department as a result of
a failure.
| 14 |
| (g) Lender assessments.
| 15 |
| (1) Subject to the provisions of this subsection (g), | 16 |
| if on the first
working day of a calendar quarter when a | 17 |
| person is not already subject to an
assessment under this | 18 |
| subsection (g) the equity in the Fund is less than
| 19 |
| $6,000,000, each person holding warehouse receipts issued | 20 |
| from an Illinois
location on grain owned or stored by a | 21 |
| licensee to secure a loan to that
licensee shall be
| 22 |
| assessed a quarterly lender assessment for each of 4 | 23 |
| consecutive calendar
quarters beginning with the calendar | 24 |
| quarter next succeeding the assessment
determination date.
| 25 |
| (2) Each quarterly lender assessment shall be at the | 26 |
| rate of $0.00000055
per bushel per day for bushels covered | 27 |
| by a warehouse receipt held as security
for the loan during | 28 |
| that calendar quarter times the applicable commodity price
| 29 |
| times the lender assessment multiplier, if any, determined | 30 |
| by the Department in
accordance with paragraph (3) of this | 31 |
| subsection (g). With respect to each
calendar quarter | 32 |
| within the assessment period, the "applicable commodity
| 33 |
| price"
shall be the closing price paid by the licensee on | 34 |
| the last working day of that
calendar
quarter for the base | 35 |
| commodity for which the warehouse receipt was issued.
| 36 |
| (3) With respect to the second assessment period |
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| beginning after June 30,
2003, the Department shall | 2 |
| determine and apply a lender assessment multiplier
equal to | 3 |
| 250,000 divided by the aggregate dollar amount of lender | 4 |
| assessments
imposed under this subsection (g) under the | 5 |
| first assessment period beginning
after June 30, 2003. With | 6 |
| respect to the third assessment period beginning
after June | 7 |
| 30, 2003, the Department shall determine and apply a lender
| 8 |
| assessment multiplier equal to 250,000 divided by the | 9 |
| average of aggregate
dollar amounts of lender assessments | 10 |
| imposed under this subsection (g) under
the first 2
| 11 |
| assessment periods beginning after June 30, 2003. With | 12 |
| respect to assessment
periods thereafter, the Department | 13 |
| shall determine and apply a lender
assessment
multiplier | 14 |
| equal to 250,000 divided by the average of the 3 most | 15 |
| recent
aggregate dollar amounts of lender assessments | 16 |
| imposed under this subsection
(g).
| 17 |
| (4) The next assessment determination date can be no | 18 |
| sooner than the first
working day of the fourth full | 19 |
| calendar month following the end of the
assessment period.
| 20 |
| (5) The Department shall give written notice by mail | 21 |
| within 20 days after
the assessment determination date to | 22 |
| all licensees of when assessments under
this subsection (g) | 23 |
| are to begin and end, the rate of the lender assessment,
| 24 |
| and the lender assessment multiplier, if any, that shall | 25 |
| apply.
| 26 |
| (6) It is the responsibility of a licensee to inform | 27 |
| each of its lenders
and other persons by virtue of whose | 28 |
| relationship with the licensee this
subsection (g) will | 29 |
| apply as to the onset of an assessment for which that
| 30 |
| person might be liable and the applicable lender assessment | 31 |
| multiplier, if any.
The notification must be in writing | 32 |
| and, as to persons subject to assessment
under this | 33 |
| subsection (g) on the assessment determination date, must | 34 |
| be sent no
later than 20 days after the licensee receives | 35 |
| notice of an assessment from the
Department. As to persons
| 36 |
| not subject to assessment under this subsection (g) as of |
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| the assessment
determination date, the notice shall be sent | 2 |
| or given no later than the closing
of any transaction | 3 |
| subsequent to the assessment determination date involving
| 4 |
| the licensee and by virtue of which transaction the person | 5 |
| is made subject to
assessment under this subsection (g).
| 6 |
| (7) Within 20 days after the end of each calendar | 7 |
| quarter within the
assessment period, each licensee shall | 8 |
| send to each lender with which it has
been associated | 9 |
| during that calendar quarter and to the Department a | 10 |
| written
notice of quarterly assessment together with the | 11 |
| information needed to
determine the amount of the quarterly | 12 |
| assessment owing with respect to loans
from that
lender.
| 13 |
| This information shall include the number of bushels | 14 |
| covered by each warehouse
receipt, organized by commodity, | 15 |
| held as security for the loan owing to that
lender, the | 16 |
| number of days each of those warehouse receipts was | 17 |
| outstanding
during that calendar quarter, the applicable | 18 |
| commodity price, the applicable
lender assessment | 19 |
| multiplier, the amount of the resulting quarterly lender
| 20 |
| assessment, and the due date of the quarterly assessment.
| 21 |
| (8) Each quarterly assessment shall be due and paid by | 22 |
| the lender or its
designee to the Department within 20 days | 23 |
| after the end of the calendar
quarter to which the | 24 |
| assessment pertains.
| 25 |
| (9) Lenders shall not be penalized by reason of any | 26 |
| licensee's failure to
comply with this subsection (g). | 27 |
| Failure of a licensee to comply with this
subsection (g) | 28 |
| shall not relieve the lender from paying the assessment, | 29 |
| and the
lender shall promptly remit the uncollected | 30 |
| assessments by the due date as set
forth in the notice from | 31 |
| the licensee.
| 32 |
| (10) This subsection (g) applies to any person who | 33 |
| holds a grain warehouse
receipt issued by a licensee from | 34 |
| an Illinois location pursuant to any
transaction, | 35 |
| regardless of its form, that creates a security interest in | 36 |
| the
grain including, without limitation, the advancing of |
|
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| money or other value to
or for the benefit of a licensee | 2 |
| upon the licensee's issuance or negotiation of
a grain | 3 |
| warehouse receipt and pursuant to or in connection with an | 4 |
| agreement
between the licensee and a counter-party for the | 5 |
| repurchase of the grain by the
licensee or designee of the | 6 |
| licensee. For purposes of this subsection (g),
any such | 7 |
| transaction shall be treated as one in which grain is held | 8 |
| as security
for a loan outstanding to a licensee within the | 9 |
| meaning of this subsection (g),
and such a person shall be | 10 |
| treated as a
lender.
| 11 |
| (11) The Department shall immediately deposit all paid | 12 |
| assessments under
this subsection (g) into the Fund.
| 13 |
| (h) Equity in the Fund shall exclude moneys owing to the | 14 |
| State or the
Reserve Fund as a result of transfers to the Fund | 15 |
| from the General Revenue Fund
or the Reserve Fund under | 16 |
| subsection (h) of Section 25-20. Notwithstanding the
| 17 |
| foregoing, for purposes of calculating equity in the Fund | 18 |
| during the grain
seller initial assessment period and assessing | 19 |
| grain sellers, it shall be
presumed that the State is owed, | 20 |
| prior to repayment, only
$2,000,000 and the Reserve Fund | 21 |
| contains a balance of $2,000,000. Under no
circumstances, | 22 |
| however, shall there be more than 2 consecutive grain seller
| 23 |
| assessments during the initial assessment period, unless there | 24 |
| is a failure
that reduces the equity in the Fund to below | 25 |
| $3,000,000.
| 26 |
| (i) Notwithstanding the provisions of subsections (d)(4), | 27 |
| (f)(3), and (g)(4) of this Section or any other law to the | 28 |
| contrary, until the equity in the Fund reaches a level of | 29 |
| $6,000,000 for the first time, assessment periods shall | 30 |
| continue without interruption, subject to the termination of | 31 |
| assessments on grain sellers provided in subsections (f)(2) and | 32 |
| (h) of this Section.
| 33 |
| (Source: P.A. 93-225, eff. 7-21-03.)
| 34 |
| Section 99. Effective date. This Act takes effect upon | 35 |
| becoming law.
|
|