Kentucky Statutes 251.340 – Purpose of chapter
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(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.
Effective: August 1, 2019
History: Created 2019 Ky. Acts ch. 88, sec. 4, effective August 1, 2019.
(a) Establishing a system of licensure for persons engaging in the business of grain dealing;
Terms Used In Kentucky Statutes 251.340
- Board: means the State Board of Agriculture. See Kentucky Statutes 251.010
- Department: means the Kentucky Department of Agriculture. See Kentucky Statutes 251.010
- Failure: means the occurrence of one (1) or more of the following events:
(a) A licensee's inability to pay for storage obligations in accordance with requirements set forth in statute, administrative regulation, or contract. See Kentucky Statutes 251.010 - Fund: means the Kentucky grain insurance fund established by KRS §. See Kentucky Statutes 251.010
- 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 - 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) 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.
Effective: August 1, 2019
History: Created 2019 Ky. Acts ch. 88, sec. 4, effective August 1, 2019.