Section 715.300  Treasurer Responsibilities

The Treasurer is responsible for establishing and administering the Program and will be responsible for the following:

a)         allocating funds from investment earnings to the Loan Guarantee Administrative Trust Fund in accordance with Section 30-35 of the Act;

b)         establishing one or more loan guarantee accounts at program depositories;

c)         procuring any necessary custodial, investment, or banking services;

d)         determining the administrative fees necessary to manage the Program in accordance with Section 30-25 of the Act and Section 715.430;

e)         determining the eligibility of financial institutions to participate in the Program in accordance with Section 715.400;

f)         establishing the terms and conditions for eligible financial institutions to participate in the Program;

g)         accepting and processing applications for loan guarantees;

h)         directing the payment of moneys in the loan guarantee account to be paid to participating financial institutions to cover losses on guaranteed loans; and

i)          retaining documents in compliance with State statutes, including the State Records Act [5 ILCS 160] and the State Records Commission (44 Ill. Adm. Code 4400) administrative rules.