97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB0744

 

Introduced 01/31/11, by Rep. Michael J. Madigan

 

SYNOPSIS AS INTRODUCED:
 
240 ILCS 40/1-25

    Amends the Grain Code. Makes a technical change in a Section concerning rules adopted to implement the Code.


LRB097 03572 ASK 43609 b

 

 

A BILL FOR

 

HB0744LRB097 03572 ASK 43609 b

1    AN ACT concerning warehouses.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Grain Code is amended by changing Section
51-25 as follows:
 
6    (240 ILCS 40/1-25)
7    Sec. 1-25. Rules. The The Department may promulgate rules
8that are necessary for the implementation and administration of
9this Code.
10    (a) The Department shall adopt rules governing electronic
11systems under which electronic warehouse receipts are issued
12and transferred. Licensees shall not be required, however, to
13issue or use electronic warehouse receipts. These rules shall
14be adopted after the United States Department of Agriculture
15adopts regulations concerning an electronic receipt transfer
16system pursuant to 7 U.S.C. 242, 250.
17    (b) The Department shall adopt rules governing electronic
18price later contracts. Licensees and producers shall not be
19required, however, to issue or use electronic price later
20contracts.
21(Source: P.A. 96-464, eff. 8-14-09.)