Illinois General Assembly - Bill Status for HB5907
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 Bill Status of HB5907  98th General Assembly


House Sponsors
Rep. John D. Anthony

Last Action
DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
20 ILCS 3501/830-47 new

Synopsis As Introduced
Amends the Illinois Finance Authority Act. Provides that the Authority is authorized to issue State guarantees to lenders for loans to small family farm operations, operators of community-supported agriculture, and beginning farmers. Provides that those guarantees (i) shall not exceed $35,000 per qualified applicant, (ii) shall be set up on a payment schedule not to exceed 7 years, except that annual operating loans must be repaid within 12 months after the agricultural commodities are sold, and (iii) shall be subject to annual review and renewal by the lender and the Authority. Provides that the Illinois Agricultural Loan Guarantee Fund and the Illinois Farmer and Agribusiness Loan Guarantee Fund may be used to secure those guarantees.

DateChamber Action
  2/14/2014HouseFiled with the Clerk by Rep. John D. Anthony
  2/14/2014HouseFirst Reading
  2/14/2014HouseReferred to Rules Committee
  12/3/2014HouseSession Sine Die

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