94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB0950


 
Introduced 2/18/2005, by Sen. Martin A. Sandoval - Emil Jones, Jr.
 
SYNOPSIS AS INTRODUCED:
 		













240 ILCS 40/1-5









    Amends the Grain Code.  Makes a technical change in a  Section concerning
the purpose of the Code.
















LRB094 04613 LJB 34642 b

















 


 


A BILL FOR









 











SB0950

LRB094 04613 LJB 34642 b






1
    AN ACT concerning warehouses.

 
2
    Be it enacted by the People of the State of Illinois, 
3
represented in the General Assembly: 


 
4
    Section 5. The Grain Code is amended by changing Section 
5
1-5 as follows:
 



6
    (240 ILCS 40/1-5)



7
    Sec. 1-5. Purpose. It is

the primary purpose of this
this 
8
Code to promote the State's welfare by
improving the economic 
9
stability of agriculture through the
existence of the Illinois 
10
Grain Insurance Fund in order to protect
producers in the event 
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of the failure of a licensed grain dealer or
licensed 
12
warehouseman and to ensure the existence of an adequate

13
resource so that persons holding valid claims may be 
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compensated
for losses occasioned by the failure of a licensed 
15
grain dealer or
licensed warehouseman.
To that end, this Code 
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shall be liberally construed and liberally
administered in 
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favor of claimants.
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    In addition, the Illinois grain industry comprises a 
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significant and vital
part of the State's economy and as such 
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can function to its fullest competitive
and profitable 
21
potential, thus contributing to the economic health of this

22
State, when it operates under a coordinated and integrated 
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regulatory
structure. Thus, a further purpose of this Code is 
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to provide a single system
of governmental regulation of the 
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Illinois grain industry.

26
(Source: P.A. 93-225, eff. 7-21-03.)