Chapter 240, WAREHOUSES

(240 ILCS 40/1-1) Sec. 1-1. Short Title. This Act may be cited as the Grain Code. (Source: P.A. 89-287, eff. 1-1-96.)

(240 ILCS 40/1-10) Sec. 1-10. Definitions. As used in this Act: "Board" means the governing body of the Illinois Grain Insurance Corporation. "Certificate" means a document, other than the license, issued by the Department that certifies that a grain dealer's license has been iss…

(240 ILCS 40/1-15) Sec. 1-15. Powers and duties of Director. The Director has all powers necessary and proper to fully and effectively execute the provisions of this Code and has the general duty to implement this Code. The Director's powers and duties include, but are not limite…

(240 ILCS 40/1-17) Sec. 1-17. Administrative procedure. The Illinois Administrative Procedure Act applies to this Code. (Source: P.A. 89-287, eff. 1-1-96.)

(240 ILCS 40/1-20) Sec. 1-20. Administrative review and venue. Final administrative decisions of the Department are subject to judicial review under Article III of the Code of Civil Procedure and its rules. The term "administrative decision" is defined as in Section 3-101 of the …

(240 ILCS 40/1-25) Sec. 1-25. Rules. The Department may promulgate rules that are necessary for the implementation and administration of this Code. (a) The Department shall adopt rules governing electronic systems under which electronic warehouse receipts are issued and transferr…

(240 ILCS 40/1-30) Sec. 1-30. Sections of this Code. All references in this Code to Sections, unless otherwise designated, refer to Sections of this Code. (Source: P.A. 89-287, eff. 1-1-96.)

(240 ILCS 40/1-5) Sec. 1-5. Purpose. It is the primary purpose of this Code to promote the State's welfare by improving the economic stability of agriculture through the existence of the Illinois Grain Insurance Fund in order to protect producers in the event of the failure of a …

(240 ILCS 40/5-10) Sec. 5-10. Financial statement and fee requirements to obtain or amend a license. (a) Applications for a new 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 day…

(240 ILCS 40/5-15) Sec. 5-15. Renewal of license. (a) The application for renewal of a license shall be filed with the Department annually within 90 days after the licensee's fiscal year end. The Department may, upon request of the licensee, payment of an extension fee of $100, $…

(240 ILCS 40/5-20) Sec. 5-20. Financial statement 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 with…

(240 ILCS 40/5-25) Sec. 5-25. Licensing standards and requirements. The Department shall issue, amend, or renew a license if the Department is satisfied that the applicant or licensee meets the standards and requirements of this Section. The standards and requirements of subsecti…

(240 ILCS 40/5-30) Sec. 5-30. Grain Insurance Fund assessments. The Illinois Grain Insurance Fund is established as a continuation of the fund created under the Illinois Grain Insurance Act, now repealed. Licensees, applicants for a new license, first sellers of grain to grain de…

(240 ILCS 40/5-35) Sec. 5-35. Termination of license. (a) Revocation of a license by the Department constitutes a termination of the license on the earlier of: (1) the day of the revocation order; (2) the day that a licensee voluntarily files for bankruptcy under the federal bank…

(240 ILCS 40/5-5) Sec. 5-5. Licenses required; applications; exemptions. (a) Except as provided in subsection (e), a person may not engage in the business of buying grain from producers, or storing grain for compensation, in the State of Illinois without a license issued by the D…

(240 ILCS 40/10-10) Sec. 10-10. Duties and requirements of grain dealers. (a) Long and short market position. (1) Grain dealers shall at all times maintain an accurate and current long and short market position record for each grain commodity. The position record shall at a minim…

(240 ILCS 40/10-15) Sec. 10-15. Price later contracts. (a) Price later contracts shall contain provisions prescribed or authorized by the Department and shall be in either written or electronic form. If in written form, price later contract forms shall be printed by a person auth…

(240 ILCS 40/10-20) Sec. 10-20. Duties and requirements of warehouseman. (a) It is the duty of every warehouseman to receive for storage any grain that may be tendered to it in the ordinary course of business so far as the licensed storage capacity of the warehouse permits and if…

(240 ILCS 40/10-25) Sec. 10-25. Warehouse receipts and storage of grain. (a) When grain is delivered to a warehouseman at a location where grain is also purchased, the licensee shall give written evidence of delivery of grain and that written evidence shall be marked to indicate …

(240 ILCS 40/10-5) Sec. 10-5. Duties and requirements of licensees. (a) Each licensee shall have adequate property insurance covering grain in its possession or custody and adequate liability, property, theft, hazard, and workers' compensation insurance. (1) Every insurance polic…

(240 ILCS 40/15-10) Sec. 15-10. De minimis violations. (a) If a licensee commits a de minimis violation of this Code, the Director may, in his or her discretion, and without further action, issue a warning letter to the licensee. (b) For the purposes of this Article, a de minimis…

(240 ILCS 40/15-15) Sec. 15-15. Violations of open position limits. (a) Violations of maximum allowable open position limits by more than 1,000 bushels but less than twice the maximum allowable open position limits. (1) If a licensee violates the maximum allowable open position l…

(240 ILCS 40/15-20) Sec. 15-20. Grain quantity and grain quality violations. (a) Grain quantity deficiencies of more than $1,000 but less than $20,000. (1) If a licensee fails to have a sufficient quantity of grain in store to meet outstanding storage obligations and the value of…

(240 ILCS 40/15-25) Sec. 15-25. Deposit of penalties. All monetary penalties collected by the Department shall be paid into the Fund. (Source: P.A. 89-287, eff. 1-1-96.)

(240 ILCS 40/15-30) Sec. 15-30. Financial and record keeping deficiencies; collateral and guarantees. (a) An applicant or a licensee has a financial deficiency if it does not meet the minimum financial requirements of Section 5-25 and subsection (b) of Section 10-15 of this Code.…

(240 ILCS 40/15-35) Sec. 15-35. Return of collateral and guarantees. If the next fiscal year's financial statement of a licensee received by the Department and an examination performed by the Department after delivery or posting of any required collateral or the guarantee indicat…

(240 ILCS 40/15-40) Sec. 15-40. Suspension and revocation of license. (a) The Director may suspend a license and take possession and control of all grain assets and equity assets (except that the Department may not take possession and control of any equity asset on which there is…

(240 ILCS 40/15-45) Sec. 15-45. Criminal offenses. (a) A person who causes a warehouse receipt for grain to be issued knowing that the grain for which that warehouse receipt is issued is not under the licensee's control at the time of issuing that warehouse receipt, or who causes…

(240 ILCS 40/15-5) Sec. 15-5. Training. Without limitation upon any other action under this Code, if a licensee violates any of the provisions of this Code, the Department may, without need for a hearing, require additional training. (Source: P.A. 89-287, eff. 1-1-96.)

(240 ILCS 40/20-10) Sec. 20-10. Lien on grain assets and equity assets. (a) A statutory lien shall be imposed on all grain assets and equity assets in favor of and to secure payment of obligations of the licensee to: (1) A person, including, without limitation, a lender: (A) who …

(240 ILCS 40/20-15) Sec. 20-15. Liquidation procedures. When a licensee experiences a failure, the Department has the authority to and shall: (a) Immediately post notice at all locations of the failed licensee stating that the licensee has experienced a failure and that the licen…

(240 ILCS 40/20-20) Sec. 20-20. Liquidation expenses; Asset Preservation Account. (a) The Trustee shall pay from the Trust Account all reasonable expenses incurred by the trustee on or after the date of failure in reference to seizing, preserving, and liquidating the grain assets…

(240 ILCS 40/20-25) Sec. 20-25. Refusal of licensee to allow liquidation. (a) If, after a failure, the failed licensee does not transfer control of the grain assets to the Trustee, the Director may, in conjunction with the authority granted in this Code and in Section 205-410 of …

(240 ILCS 40/20-5) Sec. 20-5. Failure. Upon the failure of a licensee, the Director has all powers as Trustee for the benefit of claimants as established under this Code, including, but not limited to, the power to do the following: (a) Seize or otherwise gain possession or contr…

(240 ILCS 40/25-10) Sec. 25-10. Claimant compensation. Within 30 days after the day on which a claim becomes a valid claim, a claimant shall be compensated to the extent of its valid claim as provided in this Section. It is the express intent of this legislation that each undispu…

(240 ILCS 40/25-15) Sec. 25-15. Equity asset secured party or lien holder. To the extent an applicable secured party or lien holder consents to the Department liquidating and collecting upon an equity asset under subsection (f) of Section 20-15, the secured party or lien holder s…

(240 ILCS 40/25-20) Sec. 25-20. Priorities and repayments. (a) All valid claims shall be paid from the Trust Account, as provided in Section 25-10, first from the proceeds realized from liquidation of and collection upon the grain assets relating to the failed licensee, as to war…

(240 ILCS 40/25-5) Sec. 25-5. Adjudication of claims. When a licensee has experienced a failure, the Department shall process the claims in the following manner: (a) The Department shall publish once each week for 3 successive weeks in at least 3 newspapers of general circulation…

(240 ILCS 40/30-10) Sec. 30-10. Participants in the Fund. (a) A licensee under this Code is subject to this Article and shall collect and pay assessments into the Fund as provided in Section 5-30. (b) Except as provided in subsection (c) of this Section, a person engaged in the b…

(240 ILCS 40/30-15) Sec. 30-15. Investments of the Fund. (a) All assessments by the Department under Section 5-30 shall be held by the Corporation in the Fund. (b) Subject to applicable law, the assets of the Fund may be invested and reinvested at the discretion of the Corporatio…

(240 ILCS 40/30-20) Sec. 30-20. Recovery of funds. Amounts paid from the Fund in satisfaction of a valid claim constitute a debt and obligation of the licensee against whom the claim was made. On behalf of the Fund, the Director may bring suit, file a claim, or intervene in any l…

(240 ILCS 40/30-25) Sec. 30-25. Grain Insurance Reserve Fund. Upon payment in full of all money that has been transferred to the Fund prior to June 30, 2003 from the General Revenue Fund as provided for under subsection (h) of Section 25-20, the State of Illinois shall, subject t…

(240 ILCS 40/30-5) Sec. 30-5. Illinois Grain Insurance Corporation. (a) The Corporation is a political subdivision, body politic, and public corporation. The governing powers of the Corporation are vested in the Board of Directors composed of the Director, who shall personally se…

(240 ILCS 40/35-5) Sec. 35-5. Regulatory Fund. (a) The Regulatory Fund is created as a trust fund in the State Treasury. The Regulatory Fund shall receive license, certificate, and extension fees under Sections 5-10, 5-15, and 5-20 and funds under subsection (g) of Section 25-20 …

(240 ILCS 40/85-5) Sec. 85-5. Prior law. (a) A provision of this Code that is the same as a prior law shall be construed as a continuation of the prior law and not as a new or different law. (b) A citation in another Act to an Act or to a Section of an Act that is continued in th…

(240 ILCS 40/90-5) Sec. 90-5. Severability. The provisions of this Code are severable under Section 1.31 of the Statute on Statutes. (Source: P.A. 89-287, eff. 1-1-96.)

(240 ILCS 40/95-10) Sec. 95-10. (Amendatory provisions; text omitted). (Source: P.A. 89-287, eff. 1-1-96; text omitted.)

(240 ILCS 40/95-15) Sec. 95-15. (Amendatory provisions; text omitted). (Source: P.A. 89-287, eff. 1-1-96; text omitted.)

(240 ILCS 40/95-20) Sec. 95-20. The following Acts are repealed: (a) The Grain Dealers Act. (b) The Public Grain Warehouse and Warehouse Receipts Act. (c) The Illinois Grain Insurance Act. (Source: P.A. 89-287, eff. 1-1-96.)

(240 ILCS 40/95-5) Sec. 95-5. (Amendatory provisions; text omitted). (Source: P.A. 89-287, eff. 1-1-96; text omitted.)