(225 ILCS 645/2) (from Ch. 111, par. 402)
Sec. 2.
Necessity of license.
No person shall engage in the business of
a livestock dealer
in this State without a license therefor issued by the Department.
A "commission firm" may be exempt from this Act if: it is
registered under the "Slaughter Livestock Buyers Act" as a "slaughter
livestock broker"; it requires all
purchasers of livestock to pay for such livestock before the close of
the next business day; it is a commission firm on a public stockyard
(St. Louis National
Stockyards and Peoria Union Stockyards);
it buys
or sells slaughter livestock on commission basis only; it does business
only on a named public stockyard; and it has a bond on file with the United
States Department of Agriculture, Packers and Stockyards, Agricultural
Marketing
Service, or any successor agency, in an amount and conditioned upon such
terms as meets the conditions of Sections 201.30 and 201.31 of regulations
issued under the "Packers and Stockyards Act, 1921", as amended. A duplicate
original of such bond filed with the Department will meet the bond requirements
of this Act, and such bond shall be the State bond. The Director shall be
named as trustee in such bond and the Department shall be named to receive
a 30-day notice of cancellation. The Director as trustee of the bond shall
have the authorities granted him in Section 205-410 of the
Department of Agriculture Law (20 ILCS 205/205-410) and the rules adopted
pursuant thereto.
(Source: P.A. 91-239, eff. 1-1-00.)
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