KRS 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, 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.