HB 2533

Abstract

Amends the Grain Code. Changes the meaning of "price later contract" to include a contract "in written or electronic form". Provides that the Department of Agriculture shall adopt rules governing electronic price later contracts. Provides that when a price later contract is in electronic form, the mailing requirement may be satisfied by e-mail. Provides that electronic and non-electronic price later contracts have the "same validity and enforceability". Provides that warehouse receipts in electronic form have the "same validity and enforceability" as those in non-electronic form. Changes the hearing location for claimants and failed licensees to the failed licensee's "principal office or place of business, in Illinois" (instead of the residence of the claimant). Effective immediately.