SB1944 95TH GENERAL ASSEMBLY

LRB095 16376 RCE 42400 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1944

Introduced 2/7/2008, by Sen. John M. Sullivan

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.

A BILL FOR

AN ACT concerning warehouses.

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

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

(240 ILCS 40/1-5)

Sec. 1-5. Purpose. It is the the primary purpose of this Code to promote the State's welfare by improving the economic stability of agriculture through the existence of the Illinois Grain Insurance Fund in order to protect producers in the event of the failure of a licensed grain dealer or licensed warehouseman and to ensure the existence of an adequate resource so that persons holding valid claims may be compensated for losses occasioned by the failure of a licensed grain dealer or licensed warehouseman. To that end, this Code shall be liberally construed and liberally administered in favor of claimants.

In addition, the Illinois grain industry comprises a significant and vital part of the State's economy and as such can function to its fullest competitive and profitable potential, thus contributing to the economic health of this State, when it operates under a coordinated and integrated regulatory structure. Thus, a further purpose of this Code is to provide a single system of governmental regulation of the Illinois grain industry.

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