Illinois General Assembly - Bill Status for SB1166
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 Bill Status of SB1166  93rd General Assembly

Short Description:  FARM DEVELOPMENT ACT

Senate Sponsors
Sen. Lawrence M. Walsh - Debbie DeFrancesco Halvorson - John O. Jones - John M. Sullivan, Larry K. Bomke and Mattie Hunter

House Sponsors
(Rep. Dan Reitz - Robert F. Flider - Brandon W. Phelps - Michael K. Smith - Charles A. Hartke, Naomi D. Jakobsson, Gary Forby, William J. Grunloh and Charles G. Morrow, III)

Last Action
DateChamber Action
  1/11/2005SenateSession Sine Die

Statutes Amended In Order of Appearance
20 ILCS 3605/12.1from Ch. 5, par. 1212.1
20 ILCS 3605/12.2from Ch. 5, par. 1212.2
20 ILCS 3605/12.4from Ch. 5, par. 1212.4
20 ILCS 3605/12.5

Synopsis As Introduced
Amends the Illinois Farm Development Act. Provides that to be eligible for certain State guarantees, a farmer must be a principal operator of a farm or land, at least 30% (instead of 50%) of whose annual income is derived from farming and whose debt to asset ratio shall not exceed the maximum limit established by the Illinois Farm Development Authority (instead of "shall not be less than 40%"). Provides that State guarantees under certain programs shall not exceed $1,000,000 (instead of $500,000). Provides that the collateral acceptable to the Authority must be at least equal to the gross loan amount (instead of "at least equal to the State's portion of the Guarantee to be provided"). Deletes a provision that to be eligible for State guarantees, a farmer's net worth may not exceed $500,000. Deletes a provision stating that a lender may not withdraw a State guarantee if the loan contract provides for an interest rate that may vary. Changes the name of the "Young Farmer Loan Guarantee Program" to the "Illinois Farmer Loan Guarantee Program". Makes other changes.

 Fiscal Note (Farm Development Authority)
 No fiscal impact.

DateChamber Action
  2/20/2003SenateFiled with Secretary by Sen. Lawrence M. Walsh
  2/20/2003SenateChief Co-Sponsor Sen. Debbie DeFrancesco Halvorson
  2/20/2003SenateChief Co-Sponsor Sen. John O. Jones
  2/20/2003SenateFirst Reading
  2/20/2003SenateReferred to Rules
  2/27/2003SenateAssigned to Agriculture & Conservation
  3/4/2003SenateAdded as Co-Sponsor Sen. Larry K. Bomke
  3/5/2003SenateDo Pass Agriculture & Conservation; 008-000-000
  3/5/2003SenatePlaced on Calendar Order of 2nd Reading March 6, 2003
  3/5/2003SenateFiscal Note Requested by Sen. Peter J. Roskam
  3/20/2003SenateFiscal Note Filed Illinois Farm Development Authority
  3/21/2003SenateSecond Reading
  3/21/2003SenatePlaced on Calendar Order of 3rd Reading March 24, 2003
  3/24/2003SenateAdded as Chief Co-Sponsor Sen. John M. Sullivan
  3/24/2003SenateAdded as Co-Sponsor Sen. Mattie Hunter
  3/24/2003SenateThird Reading - Passed; 055-000-000
  3/25/2003HouseArrived in House
  3/25/2003HousePlaced on Calendar Order of First Reading
  3/27/2003HouseChief House Sponsor Rep. Dan Reitz
  3/27/2003HouseFirst Reading
  3/27/2003HouseReferred to Rules Committee
  4/9/2003HouseAdded Alternate Chief Co-Sponsor Rep. Robert F. Flider
  4/14/2003HouseAdded Alternate Chief Co-Sponsor Rep. Brandon W. Phelps
  4/14/2003HouseAdded Alternate Chief Co-Sponsor Rep. Michael K. Smith
  4/14/2003HouseAdded Alternate Chief Co-Sponsor Rep. Charles A. Hartke
  4/14/2003HouseAdded Alternate Co-Sponsor Rep. Naomi D. Jakobsson
  4/16/2003HouseAdded Alternate Co-Sponsor Rep. Gary Forby
  5/14/2003HouseAdded Alternate Co-Sponsor Rep. William J. Grunloh
  5/14/2003HouseAdded Alternate Co-Sponsor Rep. Charles G. Morrow, III
  1/11/2005SenateSession Sine Die

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