Bill Text: IL HB4662 | 2013-2014 | 98th General Assembly | Introduced
Bill Title: Amends the Grain Code. Makes a technical change in a Section concerning the purpose of the Code.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2014-12-03 - Session Sine Die [HB4662 Detail]
Download: Illinois-2013-HB4662-Introduced.html
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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 |
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1 | to provide a single system
of governmental regulation of the | ||||||
2 | Illinois grain industry.
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3 | (Source: P.A. 93-225, eff. 7-21-03.)
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