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| 1 | AN ACT concerning finance.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Department of Commerce and Economic | ||||||
| 5 | Opportunity Law of the
Civil Administrative Code of Illinois is | ||||||
| 6 | amended by adding Section 605-416 as follows: | ||||||
| 7 | (20 ILCS 605/605-416 new) | ||||||
| 8 | Sec. 605-416. Loans to qualified ex-offenders. | ||||||
| 9 | (a) The Department of Commerce and Economic Opportunity | ||||||
| 10 | shall be responsible for the distribution of funds for the | ||||||
| 11 | ex-offender loan program. Funding for this program shall come | ||||||
| 12 | from the Ex-Offender Fund. The Department, if it so chooses, | ||||||
| 13 | may contract out or provide sub-grants for the administrative | ||||||
| 14 | services of the program to any organization that works with | ||||||
| 15 | ex-offenders and their reentry into society. Organizations | ||||||
| 16 | wishing to participate in the program must present an | ||||||
| 17 | application to the Department in order to receive funding. | ||||||
| 18 | (b) Funding distributed from the Ex-Offender Fund may be | ||||||
| 19 | used only for the following purposes: | ||||||
| 20 | (1) For the awarding of low-interest loans, not to | ||||||
| 21 | exceed an interest rate of 3%, to ex-offenders so that | ||||||
| 22 | these individuals may start and operate their own | ||||||
| 23 | businesses that have a positive impact on society. The | ||||||
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| 1 | maximum amount of a loan that an ex-offender may receive | ||||||
| 2 | shall not exceed $5,000. | ||||||
| 3 | (2) For the awarding of grants to qualified | ||||||
| 4 | ex-offenders or to entities or organizations assisting | ||||||
| 5 | ex-offenders, so that individual ex-offenders may develop | ||||||
| 6 | a business plan to start up their own business. These | ||||||
| 7 | grants are to be used for the sole purpose of acquiring a | ||||||
| 8 | business plan developed by a credible source. In order to | ||||||
| 9 | receive these grants, qualified ex-offenders must submit | ||||||
| 10 | an application and provide 50% of the cost to develop the | ||||||
| 11 | business plan. | ||||||
| 12 | (3) For the administration costs of the program. | ||||||
| 13 | (c) For purposes of this Section, "qualified ex-offender" | ||||||
| 14 | means any person who: | ||||||
| 15 | (1) is an eligible offender, as defined under Section | ||||||
| 16 | 5-5.5-5 of the Unified Code of Corrections; | ||||||
| 17 | (2) was sentenced to a period of incarceration in an | ||||||
| 18 | Illinois adult correctional center; and | ||||||
| 19 | (3) presents to the Department an application and a | ||||||
| 20 | professional business plan. | ||||||
| 21 | Section 10. The State Finance Act is amended by adding | ||||||
| 22 | Section 5.719 as follows: | ||||||
| 23 | (30 ILCS 105/5.719 new) | ||||||
| 24 | Sec. 5.719. The Ex-Offender Fund.
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| 1 | Section 99. Effective date. This Act takes effect January | ||||||
| 2 | 1, 2010.
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