Illinois General Assembly - Bill Status for HB2419
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 Bill Status of HB2419  93rd General Assembly

Short Description:  FARM DEVELOPMENT ACT

House Sponsors
Rep. Dan Reitz - Donald L. Moffitt - Brandon W. Phelps - Michael K. Smith - Gary Forby

Last Action
DateChamber Action
  1/11/2005HouseSession 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.

DateChamber Action
  2/20/2003HouseFiled with the Clerk by Rep. Dan Reitz
  2/20/2003HouseChief Co-Sponsor Rep. Donald L. Moffitt
  2/20/2003HouseFirst Reading
  2/20/2003HouseReferred to Rules Committee
  2/26/2003HouseAssigned to Executive Committee
  3/13/2003HouseRule 19(a) / Re-referred to Rules Committee
  3/20/2003HouseAdded Chief Co-Sponsor Rep. Brandon W. Phelps
  3/20/2003HouseAdded Chief Co-Sponsor Rep. Michael K. Smith
  3/20/2003HouseAdded Chief Co-Sponsor Rep. Gary Forby
  1/11/2005HouseSession Sine Die

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