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SB1776 - 104th General Assembly
FINANCE-YOUNG FARMER
Last Action
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Finance Authority Act. In provisions concerning the Young Farmer Loan Guarantee Program, provides that State Guarantees under the program shall not exceed $1,000,000 (currently $500,000) per young farmer. Provides that the Illinois Finance Authority is authorized to issue State Guarantees to lenders for loans to finance or refinance tuition debt incurred by or on behalf of an eligible farmer for post-secondary education in an agriculture field. Provides that the Illinois Finance Authority may use moneys under the Working Capital Loan Guarantee Program to finance rental payments for land leased to the farmer. Provides that State Guarantees provided under the Working Capital Loan Guarantee Program may not exceed $500,000 per borrower. Effective immediately
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/06/2025 | Senate | Filed with Secretary by Sen. Michael W. Halpin |
| 2/06/2025 | Senate | First Reading |
| 2/06/2025 | Senate | Referred to Assignments |
| 2/06/2025 | Senate | Added as Chief Co-Sponsor Sen. Doris Turner |
| 2/26/2025 | Senate | Added as Chief Co-Sponsor Sen. Paul Faraci |