(1) Application for license as a grain warehouse operator or grain dealer shall:
(a) Set forth the name of the applicant, its principal officer, if a corporation, or the active members of a partnership if a partnership;

Terms Used In Kentucky Statutes 251.440

  • Board: means the State Board of Agriculture. See Kentucky Statutes 251.010
  • Department: means the Kentucky Department of Agriculture. See Kentucky Statutes 251.010
  • Fraud: Intentional deception resulting in injury to another.
  • Grain: means corn, wheat, soybeans, rye, barley, oats, grain sorghums, or popcorn. See Kentucky Statutes 251.010
  • Grain dealer: means any person engaged in the business of buying grain from
    producers for resale, milling, or processing. See Kentucky Statutes 251.010
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means any individual, partnership, firm, corporation, limited liability company, or other corporate entity created under the laws of the Commonwealth or any other jurisdiction. See Kentucky Statutes 251.010
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
  • Warehouse: means any building, structure, or other protected enclosure, permanent or temporary, used or useable for the storage or conditioning of grain. See Kentucky Statutes 251.010

(b) Identify the location or locations of the principal office or place of business and the locations in this state at which the applicant proposes to engage in this business;
(c) Be accompanied by a bond as set forth in KRS § 251.365. The bond shall run to the Commonwealth of Kentucky and be for the benefit of all persons storing grain in the licensee’s warehouse or selling grain to the licensee; and
(d) Be accompanied by a compilation of financial statements issued by a certified public accountant who has stated in writing whether he or she is independent from ownership and management, or one (1) of the documents identified in KRS § 251.370(8), provided, however, a grain dealer license applicant whose total annual purchases in each of the last three (3) years did not exceed fifty thousand (50,000) bushels shall be exempt from the requirement set forth in this subsection.
(2) The department may deny a license to any applicant or revoke the existing license if the applicant or licensee:
(a) Furnishes false or misleading information or conceals a material fact on the application or other supporting documents;
(b) Has been convicted of fraud or deceptive practice;
(c) Is currently adjudicated incompetent by a court of competent jurisdiction;
(d) Fails to maintain an asset to liability ratio of not less than one to one (1:1) or fails to post additional surety to cover the deficiency;
(e) Violates a provision of this chapter; or
(f) For other good cause shown.
(3) Any person denied a license or whose license has been revoked for these reasons shall:
(a) Be given written notice within thirty (30) working days of receipt of application or prior to revocation; and
(b) May request a hearing by writing to the board. Upon request, a hearing shall be conducted in accordance with KRS Chapter 13B.
(4) The department shall not approve an application for a grain warehouse operator’s license without first verifying that the application meets the requirements of this section.
(5) The department shall not approve an application for a grain dealer’s license without first verifying that the application meets the requirements of this section.
(6) The department shall keep confidential, and not disclose to anyone other than the
applicant or licensee, the documents identified in this section and KRS § 251.370.
Effective: July 15, 2020
History: Amended 2020 Ky. Acts ch. 114, sec. 2, effective July 15, 2020. — Amended
2019 Ky. Acts ch. 88, sec. 19, effective August 1, 2019. — Amended 2016 Ky. Acts ch. 36, sec. 2, effective July 15, 2016. — Amended 2005 Ky. Acts ch. 125, sec. 3, effective June 20, 2005. — Amended 1996 Ky. Acts ch. 318, sec. 176, effective July
15, 1996. — Amended 1990 Ky. Acts ch. 396, sec. 1, effective July 13, 1990. — Amended 1984 Ky. Acts ch. 389, sec. 17, effective July 13, 1984. — Amended 1972
Ky. Acts ch. 347, sec. 3. — Created 1970 Ky. Acts ch. 252, sec. 4.