HB0744 97TH GENERAL ASSEMBLY

LRB097 03572 ASK 43609 b

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.

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 1-25 as follows:

(240 ILCS 40/1-25)

Sec. 1-25. Rules. The The Department may promulgate rules that are necessary for the implementation and administration of this Code.

(a) The Department shall adopt rules governing electronic systems under which electronic warehouse receipts are issued and transferred. Licensees shall not be required, however, to issue or use electronic warehouse receipts. These rules shall be adopted after the United States Department of Agriculture adopts regulations concerning an electronic receipt transfer system pursuant to 7 U.S.C. 242, 250.

(b) The Department shall adopt rules governing electronic price later contracts. Licensees and producers shall not be required, however, to issue or use electronic price later contracts.

(Source: P.A. 96-464, eff. 8-14-09.)