251.340 Purpose of chapter.
148 words·~1 min read·
/ky/chapter-251/251-340A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)The purpose of this chapter is to promote the welfare of the Commonwealth and its
people, and to provide economic stability for its agricultural and agribusiness
industries, by:
(a)Establishing a system of licensure for persons engaging in the business of
grain dealing;
(b)Establishing a system of licensure for persons engaging in the business of
grain warehouse operating; and
(c)Establishing a grain insurance fund of which the purpose is to:
1. Protect producers of fund-covered grains against risk of loss in the event
of a licensed grain dealer's or grain warehouse operator's financial
failure; and
2. Compensate eligible claimants of fund-covered grains for losses due to
the failure of a licensed grain dealer or grain warehouse operator.
(2)The board, in conjunction with the department, shall be responsible for adopting
and overseeing the policies, procedures, and programs to effectuate the purposes
identified in this section.