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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB1422 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
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Amends the Grain Code. Makes a technical change in a Section concerning
rules
adopted to implement the Code.
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| | A BILL FOR |
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| | HB1422 | | LRB100 03131 RPS 13136 b |
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| 1 | | AN ACT concerning warehouses.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Grain Code is amended by changing Section |
| 5 | | 1-25 as follows:
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| 6 | | (240 ILCS 40/1-25)
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| 7 | | Sec. 1-25. Rules. The
The Department may
promulgate rules |
| 8 | | that are necessary
for the implementation and administration of |
| 9 | | this Code. |
| 10 | | (a) The Department shall adopt rules governing electronic |
| 11 | | systems under which
electronic warehouse receipts are issued |
| 12 | | and transferred. Licensees shall
not be required, however, to |
| 13 | | issue or use electronic warehouse receipts. These
rules shall |
| 14 | | be adopted after the United States Department of Agriculture |
| 15 | | adopts
regulations concerning an electronic receipt transfer |
| 16 | | system pursuant to 7
U.S.C. 242, 250. |
| 17 | | (b) The Department shall adopt rules governing electronic |
| 18 | | price later contracts. Licensees and producers shall not be |
| 19 | | required, however, to issue or use electronic price later |
| 20 | | contracts.
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| 21 | | (Source: P.A. 96-464, eff. 8-14-09.)
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