Bill Status of HB 5419   98th General Assembly

Short Description:  IFA-AG GUARANTEE-RAISE LIMIT

House Sponsors
Rep. C.D. Davidsmeyer

Last Action  View All Actions

DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
20 ILCS 3501/830-20
20 ILCS 3501/830-30
20 ILCS 3501/830-35
20 ILCS 3501/830-45

Synopsis As Introduced
Amends the Illinois Finance Authority Act. In Sections concerning State guarantees for loans to farmers, provides that the total amount of the guarantees shall not exceed $2,000,000 per farmer (instead of $500,000). Provides that guarantees may be made if the farmer's net worth does not exceed $2,000,000 (instead of $500,000). In a Section concerning guarantees for existing debt, provides that the Illinois Agricultural Loan Guarantee Fund shall guarantee receipt of payment of 90% (instead of 85%) of the principal and interest owed on the State Guarantee Loan by the farmer to the guarantee holder. Effective immediately.

Actions 
DateChamber Action
  2/11/2014HouseFiled with the Clerk by Rep. C.D. Davidsmeyer
  2/11/2014HouseFirst Reading
  2/11/2014HouseReferred to Rules Committee
  12/3/2014HouseSession Sine Die

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