GRAIN CODE-ELECTRONIC CONTRACT Senate SponsorsSen. John M. Sullivan House Sponsors(Rep. Dan Reitz-Jim Watson-Kurt M. Granberg-Brandon W. Phelps and Donald L. Moffitt) 6/17/2005SenatePublic Act . . . . . . . . . 94-0054 240 ILCS 40/10-15Amends the Grain Code. Requires the Department of Agriculture to prescribe or authorize price later contract forms in electronic document format. Effective immediately.Senate Floor Amendment No. 1 Deletes reference to:240 ILCS 40/10-15Adds reference to:240 ILCS 40/20-20240 ILCS 40/25-20240 ILCS 40/30-5240 ILCS 40/30-15240 ILCS 40/35-5Deletes everything after the enacting clause. Amends the Grain Code. Creates the Asset Preservation Account to be funded by the income earned on assets in the Illinois Grain Insurance Fund. Provides that this new Account may be used by the Fund Trustee for reasonable expenses incurred by the Department on or after a failure for preserving and liquidating grain assets, equity assets, collateral, and guarantees of or relating to a failed licensee, if the benefits of such preservation or liquidation outweigh the costs and all moneys in the Grain Indemnity Trust Account relating to the failure have been exhausted. Sets forth that the Asset Preservation Account shall not exceed $50,000. Requires the Trustee to file a report of all receipts by and disbursements from the Asset Preservation Account with the Illinois Grain Insurance Corporation prior to each meeting of their Board. Prohibits payments from the Fund for claims based on fraud or illegal Acts. Authorizes payment of the costs of certain Department activities prior to the return of any remaining grain assets, equity assets, or other guarantees to the failed licensee. Amends certain other provisions to facilitate the payments from the Fund to the Asset Preservation Account. 2/2/2005SenateFiled with Secretary by Sen. John M. Sullivan 2/2/2005SenateFirst Reading 2/2/2005SenateReferred to Rules 2/3/2005SenateAssigned to Agriculture & Conservation 2/16/2005SenateDo Pass Agriculture & Conservation; 009-000-000 2/16/2005SenatePlaced on Calendar Order of 2nd Reading February 17, 2005 4/6/2005SenateSecond Reading 4/6/2005SenatePlaced on Calendar Order of 3rd Reading April 7, 2005 4/8/2005SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. John M. Sullivan 4/8/2005SenateSenate Floor Amendment No. 1 Referred to Rules 4/11/2005SenateSenate Floor Amendment No. 1 Rules Refers to Agriculture & Conservation 4/12/2005SenateSenate Floor Amendment No. 1 Recommend Do Adopt Agriculture & Conservation; 007-000-000 4/14/2005SenateRecalled to Second Reading 4/14/2005SenateSenate Floor Amendment No. 1 Adopted; J. Sullivan 4/14/2005SenatePlaced on Calendar Order of 3rd Reading 4/14/2005SenateThird Reading - Passed; 057-000-000 4/14/2005HouseArrived in House 4/14/2005HousePlaced on Calendar Order of First Reading 4/15/2005HouseChief House Sponsor Rep. Dan Reitz 4/15/2005HouseFirst Reading 4/15/2005HouseReferred to Rules Committee 4/20/2005HouseAssigned to Agriculture & Conservation Committee 4/26/2005HouseDo Pass / Short Debate Agriculture & Conservation Committee; 013-000-000 4/27/2005HousePlaced on Calendar 2nd Reading - Short Debate 4/27/2005HouseAdded Alternate Co-Sponsor Rep. Donald L. Moffitt 4/28/2005HouseSecond Reading - Short Debate 4/28/2005HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/5/2005HouseThird Reading - Short Debate - Passed 115-000-000 5/5/2005SenatePassed Both Houses 5/5/2005HouseAdded Alternate Chief Co-Sponsor Rep. Jim Watson 5/11/2005HouseAdded Alternate Chief Co-Sponsor Rep. Kurt M. Granberg 5/11/2005HouseAdded Alternate Chief Co-Sponsor Rep. Brandon W. Phelps 6/3/2005SenateSent to the Governor 6/17/2005SenateGovernor Approved 6/17/2005SenateEffective Date January 1, 2006 6/17/2005SenatePublic Act . . . . . . . . . 94-0054