251.340 Purpose of chapter. (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.
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