Sec. 15-15. Violations of open position limits.
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/il/chapter-240/act-40/15-15A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 limits of item (a)(2) of
Section 10-10 and the open position is more than 1,000 bushels but less than twice the maximum allowable open position limits, the licensee shall be required to:
(A)Post collateral with the Department in an amount equal to $1 per bushel for
each bushel of soybeans in excess of the maximum allowable open position limits and 50 cents per bushel of each bushel for all other grain in excess of the maximum allowable open position limits or $2,500, whichever is greater; and
(B)Pay a penalty in an amount not to exceed $250.
(2)If a licensee commits 2 violations as set forth in item
(1)of Section 15-10
within a 2 year period, the licensee must:
(A)post collateral with the Department in an amount equal to $1 per bushel for each
bushel of soybeans in excess of the maximum allowable open position limits and 50 cents per bushel of each bushel for all other grain in excess of the maximum allowable open position limits or $5,000, whichever is greater; and
(B)pay a penalty in the amount of $750.
(3)If a licensee commits 3 or more violations as set forth in item (a)(1) of Section
15-10 within a 5 year period, the licensee must:
(A)post collateral with the Department in an amount equal to $2 per bushel for each
bushel of soybeans in excess of the maximum allowable open position limits and $1 per bushel of each bushel for all other grain in excess of the maximum allowable open position limits or $10,000, whichever is greater; and
(B)pay a penalty in an amount greater than $2,000 but less than $20,000.
(b)Violations of maximum allowable open position limits that equal or exceed twice the maximum allowable open position.
(1)If a licensee violates the maximum allowable open position limits of item (a)(2) of
Section 10-10 and the open position equals or exceeds twice the maximum allowable open position limits, the licensee must:
(A)post collateral with the Department in an amount equal to $1 per bushel for each
bushel of soybeans in excess of the maximum allowable open position and 50 cents per bushel for each bushel of all other grain in excess of the maximum allowable open position limits or $5,000, whichever is greater; and
(B)pay a penalty in the amount of $500.00.
(2)If a licensee commits 2 violations as set forth in item (b)(1) of Section 15-10
within a 2 year period, the licensee must:
(A)post collateral with the Department in an amount equal to $2 per bushel for each
bushel of soybeans in excess of the maximum allowable open position limits and $1 per bushel for each bushel of all other grain in excess of the maximum allowable open position limits or $10,000, whichever is greater; and
(B)pay a penalty in an amount greater than $750 but less than $15,000.
(3)If a licensee commits 3 or more violations as set forth in item (b)(1) of Section
15-5 within a 5 year period, the licensee must:
(A)post collateral with the Department in an amount equal to $2 per bushel for each
bushel of soybeans in excess of the maximum allowable open position limits and $1 per bushel for each bushel for all other grain in excess of the maximum allowable open position limits or $10,000, whichever is greater; and
(B)pay a penalty in an amount greater than $2,000 but less than $20,000.