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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB4327 Introduced 1/30/2012, by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
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Amends the Grain Code. Makes a technical change in a Section concerning
the purpose of the Code.
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| | A BILL FOR |
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| | HB4327 | | LRB097 15321 AEK 60421 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 | | 1-5 as follows:
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| 6 | | (240 ILCS 40/1-5)
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| 7 | | Sec. 1-5. Purpose. It is
the
the primary purpose of 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 |
| 11 | | of the failure of a licensed grain dealer or
licensed |
| 12 | | warehouseman and to ensure the existence of an adequate
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| 13 | | resource so that persons holding valid claims may be |
| 14 | | compensated
for losses occasioned by the failure of a licensed |
| 15 | | grain dealer or
licensed warehouseman.
To that end, this Code |
| 16 | | shall be liberally construed and liberally
administered in |
| 17 | | favor of claimants. |
| 18 | | In addition, the Illinois grain industry comprises a |
| 19 | | significant and vital
part of the State's economy and as such |
| 20 | | can function to its fullest competitive
and profitable |
| 21 | | potential, thus contributing to the economic health of this
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| 22 | | State, when it operates under a coordinated and integrated |
| 23 | | regulatory
structure. Thus, a further purpose of this Code is |