Ill. Admin. Code tit. 8 § 281.40
Each grain dealer shall maintain a master long/short risk position record, as either a written or electronic document, that combines all marketing activity of all locations each business day. The risk position record shall at a minimum contain the net position; grain owned; grain sold and shipped on price later contracts that have not been priced; open cash purchase contracts, including purchase contracts issued and purchase contracts cancelled; all futures purchased or sold; grain in transit not sold; grain owned and stored in other grain warehouses; grain purchased and received on price later contracts that have not been priced; open cash sales contracts, including sales contracts issued and sales contracts cancelled; and any options purchased or sold. The position record shall also contain a comments section. The grain dealer shall note in the comments section any actions taken to regain a balanced position as required in Section 10-10 of the Code. The comments shall, at a minimum, indicate bushel amounts, name of buyer/seller/broker and approximate times of transactions.
All accounts and records relating to grain operations are to be properly cross-referenced. An adequate system of cross-reference shall exist beginning at the time of delivery, clearly indicating the current status of the grain and changes in that status, and indicating the final disposition of the grain.
Settlement and/or receiving sheets shall either be pre-numbered by an independent printer or, in the case of computer generated sheets, numbered consecutively by the computer recordkeeping system. The licensee shall use settlement and/or receiving sheets in numerical sequence and account for all settlement and/or receiving sheets either by paper or electronic documentation. Settlement and/or receiving sheets shall contain evidence of the method of settlement, such as check number, warehouse receipt number, or other evidence of settlement. Settlement and/or receiving sheets, both open and closed, shall be filed in a manner to be readily available for examination purposes, such as alphabetical or numerical. If price later contracts are used, the settlement/receiving sheets shall clearly indicate the price later contract numbers against which grain is to be applied.
The licensee shall provide a secure place at each licensed location and at the principal office for storage of all records pertaining to the operation of the licensee. The records shall be kept current and made available for inspection by Department personnel at the principal office of the licensee and at each licensed location. The records shall be retained by the licensee for a period of not less than 2 years from the closing date of any transaction.
A grain inventory accountability report means a written or electronic document that is maintained monthly for each commodity with an option to forgo one month's measurement per calendar year. In addition to that option, a licensee may also submit a written request to the Department for a waiver setting forth its justification for being unable to complete the monthly grain inventory accountability report. The Department may grant a waiver, at its discretion, for good cause shown. Good causes are those that may jeopardize the health or safety of the licensee's employees, including acts of nature. The monthly grain inventory accountability report shall provide for a separate accounting for the following:
Ill. Admin. Code tit. 8, § 281.40
Amended at 33 Ill. Reg. 1647, effective January 16, 2009