(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, i n conjunction with the department, shall be responsible for adopting and overseeing the policies, procedures, and programs to effectuate the purposes identified in this section.
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