Sec. 5-10. Financial statement and fee requirements to obtain or amend a license.

534 words·~2 min read·/il/chapter-240/act-40/5-10

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(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 days after the applicant's fiscal year end and

prepared in conformity with generally accepted accounting principles following an examination conducted in accordance with generally accepted auditing standards that has attached the unqualified opinion, or a qualified opinion if the qualification, in the sole discretion of the Department, does not unduly diminish the financial stability of the licensee or applicant, of an independent certified public accountant licensed under Illinois law or an entity permitted to engage in the practice of public accounting under item (b)(3) of Section 14 of the Illinois Public Accounting Act.

(A)If the applicant has been engaged in business prior to the application, the

financial statement shall set forth the financial position and results in operations for the most recent fiscal year of the applicant. The financial statement shall consist of a balance sheet, statement of income, statement of retained earnings, statement of cash flows, notes to financial statements, and other information as required by the Department.

(B)If the applicant has not been engaged in business prior to the application, the

financial statement shall consist of a balance sheet, notes to financial statements, and other information as required by the Department.

(2)An application fee of $200 for each license, $100 of which shall be deposited into

the General Revenue Fund and the balance of which shall be deposited into the Regulatory Fund.

(3)A fee for each required certificate. The amount of the fee for each certificate

shall be established by rule. Fees shall be deposited into the Regulatory Fund.

(b)Applications for a new license to operate as a Class II warehouseman or incidental grain dealer shall be accompanied by:

(1)A financial statement prepared in accordance with the requirements of item (a)(1) of

Section 5-10 or, instead, a financial statement made within 90 days of the date of the application prepared or certified by an independent accountant and verified under oath by the applicant. The financial statement shall set forth the balance sheet and other information with respect to the financial resources of the applicant that the Department may require. If the applicant has been engaged in business prior to the application, the financial statement shall also set forth a statement of income of the applicant.

(2)An application fee of $150 for each license, $100 of which shall be deposited into

the General Revenue Fund and the balance of which shall be deposited into the Regulatory Fund.

(3)A fee for each required certificate. The amount of the fee for each certificate

shall be established by rule. Fees shall be deposited into the Regulatory Fund.

(c)Applications to amend a warehouseman's licensed storage capacity, including applications in reference to temporary storage and emergency storage or to otherwise amend a license, shall be accompanied by a filing fee of $100, $50 of which shall be deposited into the General Revenue Fund and the balance of which shall be deposited into the Regulatory Fund.