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| 1 | AN ACT concerning State government.
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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 Community Development Loan Guarantee Act is | ||||||
| 5 | amended by changing Sections 30-10, 30-15, 30-25, and 30-30 as | ||||||
| 6 | follows: | ||||||
| 7 | (15 ILCS 516/30-10)
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| 8 | Sec. 30-10. Definitions. As used in this Act: | ||||||
| 9 | "Financial institution" means a bank, a savings and loan | ||||||
| 10 | association, a savings bank, a credit union, a minority | ||||||
| 11 | depository institution as designated by the Federal Deposit | ||||||
| 12 | Insurance Corporation, or a community development financial | ||||||
| 13 | institution certified by the United States Treasury Community | ||||||
| 14 | Development Financial Institutions Fund, which is operating in | ||||||
| 15 | the State of Illinois. | ||||||
| 16 | "Loan Guarantee Account" means an account at a financial | ||||||
| 17 | institution outside the State Treasury of which the State | ||||||
| 18 | Treasurer is custodian with the purpose of guaranteeing loans | ||||||
| 19 | made by a participating financial institution in accordance | ||||||
| 20 | with this Act.
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| 21 | (Source: P.A. 101-657, eff. 3-23-21.) | ||||||
| 22 | (15 ILCS 516/30-15)
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| 1 | Sec. 30-15. Establishment of the Loan Guarantee Program. | ||||||
| 2 | The State Treasurer may establish the Loan Guarantee Program | ||||||
| 3 | by establishing one or more Loan Guarantee Accounts at | ||||||
| 4 | approved financial institutions at any eligible financial | ||||||
| 5 | institution a Loan Guarantee Account as a special account | ||||||
| 6 | outside the State treasury and with the State Treasurer as | ||||||
| 7 | custodian. The Loan Guarantee Accounts This Account may be | ||||||
| 8 | used to cover the losses on guaranteed loans at a the | ||||||
| 9 | participating financial institution.
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| 10 | (Source: P.A. 101-657, eff. 3-23-21.) | ||||||
| 11 | (15 ILCS 516/30-25)
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| 12 | Sec. 30-25. Fees. The State Treasurer may establish, as a | ||||||
| 13 | component of the Program, fees of no more than 5% of the total | ||||||
| 14 | guaranteed loan amount. The fees shall be deposited into a the | ||||||
| 15 | Loan Guarantee Account.
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| 16 | (Source: P.A. 101-657, eff. 3-23-21.) | ||||||
| 17 | (15 ILCS 516/30-30)
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| 18 | Sec. 30-30. Use of the Loan Guarantee Account. | ||||||
| 19 | (a) Moneys in a Loan Guarantee the Account may be paid to a | ||||||
| 20 | used by the participating financial institution to cover | ||||||
| 21 | losses on guaranteed loans up to the full amount in the Account | ||||||
| 22 | or the amount of loss, whichever is lesser. The State of | ||||||
| 23 | Illinois and the State Treasurer shall not be responsible for | ||||||
| 24 | any losses in excess of the full amount in the Loan Guarantee | ||||||
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| 1 | Account designated for a participating at the financial | ||||||
| 2 | institution. | ||||||
| 3 | (b) The State Treasurer may set a cap on the total funds | ||||||
| 4 | held in any Loan Guarantee Account at any participating | ||||||
| 5 | financial institution. Funds in excess of the cap may be | ||||||
| 6 | withdrawn by the Treasurer. | ||||||
| 7 | (c) The State Treasurer shall withdraw the full amount in | ||||||
| 8 | any Loan Guarantee the Account in the event the Loan Guarantee | ||||||
| 9 | Program is discontinued, or the financial institution leaves | ||||||
| 10 | the Program.
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| 11 | (d) The State Treasurer may withdraw funds from any Loan | ||||||
| 12 | Guarantee Account for a financial institution's failure to | ||||||
| 13 | comply with Program requirements. | ||||||
| 14 | (Source: P.A. 101-657, eff. 3-23-21.)
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| 15 | Section 99. Effective date. This Act takes effect upon | ||||||
| 16 | becoming law.
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