(240 ILCS 40/Art. 30 heading)
(240 ILCS 40/30-5)
Sec. 30-5. Illinois Grain Insurance Corporation.
(a) The Corporation is a political subdivision, body politic,
and public corporation. The governing powers of the Corporation
are vested in the Board of Directors composed of the Director,
who shall personally serve as president; the Attorney General or
his or her designee, who shall serve as secretary; the State Treasurer or
his or her designee, who shall serve as treasurer; the Director of the
Department of Insurance or his or her designee; and the chief fiscal officer
of the Department.
Three members of the Board
constitute a
quorum at any meeting of the Board, and the affirmative vote of
3 members is necessary for any action taken by the
Board at a meeting, except that a lesser number may adjourn a
meeting from time to time. A vacancy in the membership of the
Board does not impair the right of a quorum to exercise all the rights
and perform all the duties of the Board and Corporation.
(b) The Corporation has the following powers, together
with all powers incidental or necessary to the discharge of those powers in
corporate form:
(c) A committee of advisors shall be created to provide technical
assistance
and advice and make recommendations to the Board. The advisory committee shall
assist the board in understanding pertinent developments in grain production
and marketing and the grain industry. The advisory committee shall be composed
of one grain producer designated by the Illinois Farm Bureau; one grain
producer designated by the Illinois Farmers Union; one grain producer
designated by the Illinois Corn Growers Association; one grain producer
designated by the Illinois Soybean Association;
2 representatives of the grain industry, designated by the Grain and Feed
Association of
Illinois; and 2 representatives of the lending industry, one each designated by
the Illinois
Bankers Association and the Community Bankers of Illinois.
Members of the advisory committee shall serve terms of 2 years from the date of
their designation. Members of the advisory committee shall have the right to
attend all meetings of the Board and participate in Board discussions, but
shall not have a vote.
(Source: P.A. 93-225, eff. 7-21-03; 94-54, eff. 1-1-06.)
(240 ILCS 40/30-10)
Sec. 30-10.
Participants in the Fund.
(a) A licensee under this Code is subject to this Article and shall
collect and pay
assessments into the Fund as provided in Section 5-30.
(b) Except as provided in subsection (c) of this Section, a person
engaged in the business of a grain dealer or warehouseman but not
licensed under this Code shall not participate in or benefit
from the Fund and its claimants shall not receive proceeds from the Fund.
(c) Participation of federal warehousemen.
(d) A federal warehouseman that participates in the Fund or
a warehouseman that desires to or has become a federal
warehouseman cannot withdraw from participation in the Fund for
the benefit of existing depositors until the occurrence of all of
the following:
(e) Before a federal warehouseman or a warehouseman that
desires to or has become a federal warehouseman may withdraw from
participation in the Fund, it must pay for an audit and examination
and must provide to the Department all names and addresses of
potential claimants for the purposes of notification of withdrawal
of participation in the Fund.
(Source: P.A. 93-225, eff. 7-21-03.)
(240 ILCS 40/30-15)
Sec. 30-15. Investments of the Fund.
(a) All assessments by the Department under Section
5-30 shall be held by the Corporation in the Fund.
(b) Subject to applicable law, the assets of the Fund may be
invested and reinvested at the discretion of the Corporation, and
the income from these investments shall be deposited to the credit
of the Fund and shall be available for the same purposes as all
other assets of the Fund.
(c) Except as provided in Section 20-20(e), the assets of the Fund shall not be available for any
purpose other than the payment of valid claims under this
Code and the payment of refunds of amounts that the Board
determines have been inappropriately paid into the Fund, and may
not be transferred to any other fund, other than the Trust Account
when necessary to pay valid claims under this Code or to pay
refunds authorized by the Board.
(Source: P.A. 94-54, eff. 1-1-06.)
(240 ILCS 40/30-20)
Sec. 30-20.
Recovery of funds.
Amounts paid from the Fund
in satisfaction of a valid claim constitute a debt and
obligation of the licensee against whom the claim was made. On
behalf of the Fund, the Director may bring suit, file a claim, or
intervene in any legal proceeding to recover from a failed
licensee, or upon any collateral and guarantees relating to the
failed licensee, the amount of the payment made from the Fund
together with interest at 6% per annum and all
expenses, costs, and attorneys' fees incurred by the Department in
its efforts to recover assets for the Fund in reference to the
failed licensee.
(Source: P.A. 89-287, eff. 1-1-96.)
(240 ILCS 40/30-25)
Sec. 30-25. Grain Insurance Reserve Fund. Upon payment in full of all
money that has been transferred to the Fund prior to June 30, 2003 from the
General Revenue Fund as provided for under subsection (h) of Section 25-20, the
State of Illinois shall, subject to appropriation, remit $2,000,000 to the Corporation to be held in a
separate and discrete account to be used to the extent the assets in the Fund
are insufficient to satisfy claimants as payment of their claims become due as
set forth in subsection (h) of Section 25-20. The remittance of the $2,000,000
reserve shall be made to the Corporation within 60 days of payment in full of
all money transferred to the Fund as set forth above in this Section
30-25. All income received by the Reserve Fund shall be deposited in the Fund
within 35 days of the end of each calendar quarter.
(Source: P.A. 102-1071, eff. 6-10-22.)