Illinois General Assembly - Full Text of SB3847
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Full Text of SB3847  102nd General Assembly

SB3847enr 102ND GENERAL ASSEMBLY

  
  
  

 


 
SB3847 EnrolledLRB102 24371 RJF 33605 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Community Development Loan Guarantee Act is
5amended by changing Sections 30-10, 30-15, 30-25, and 30-30 as
6follows:
 
7    (15 ILCS 516/30-10)
8    Sec. 30-10. Definitions. As used in this Act:
9    "Financial institution" means a bank, a savings and loan
10association, a savings bank, a credit union, a minority
11depository institution as designated by the Federal Deposit
12Insurance Corporation, or a community development financial
13institution certified by the United States Treasury Community
14Development Financial Institutions Fund, which is operating in
15the State of Illinois.
16    "Loan Guarantee Account" means an account at a financial
17institution outside the State Treasury of which the State
18Treasurer is custodian with the purpose of guaranteeing loans
19made by a participating financial institution in accordance
20with this Act.
21(Source: P.A. 101-657, eff. 3-23-21.)
 
22    (15 ILCS 516/30-15)

 

 

SB3847 Enrolled- 2 -LRB102 24371 RJF 33605 b

1    Sec. 30-15. Establishment of the Loan Guarantee Program.
2The State Treasurer may establish the Loan Guarantee Program
3by establishing one or more Loan Guarantee Accounts at
4approved financial institutions at any eligible financial
5institution a Loan Guarantee Account as a special account
6outside the State treasury and with the State Treasurer as
7custodian. The Loan Guarantee Accounts This Account may be
8used to cover the losses on guaranteed loans at a the
9participating financial institution.
10(Source: P.A. 101-657, eff. 3-23-21.)
 
11    (15 ILCS 516/30-25)
12    Sec. 30-25. Fees. The State Treasurer may establish, as a
13component of the Program, fees of no more than 5% of the total
14guaranteed loan amount. The fees shall be deposited into a the
15Loan Guarantee Account.
16(Source: P.A. 101-657, eff. 3-23-21.)
 
17    (15 ILCS 516/30-30)
18    Sec. 30-30. Use of the Loan Guarantee Account.
19    (a) Moneys in a Loan Guarantee the Account may be paid to a
20used by the participating financial institution to cover
21losses on guaranteed loans up to the full amount in the Account
22or the amount of loss, whichever is lesser. The State of
23Illinois and the State Treasurer shall not be responsible for
24any losses in excess of the full amount in the Loan Guarantee

 

 

SB3847 Enrolled- 3 -LRB102 24371 RJF 33605 b

1Account designated for a participating at the financial
2institution.
3    (b) The State Treasurer may set a cap on the total funds
4held in any Loan Guarantee Account at any participating
5financial institution. Funds in excess of the cap may be
6withdrawn by the Treasurer.
7    (c) The State Treasurer shall withdraw the full amount in
8any Loan Guarantee the Account in the event the Loan Guarantee
9Program is discontinued, or the financial institution leaves
10the Program.
11    (d) The State Treasurer may withdraw funds from any Loan
12Guarantee Account for a financial institution's failure to
13comply with Program requirements.
14(Source: P.A. 101-657, eff. 3-23-21.)
 
15    Section 99. Effective date. This Act takes effect upon
16becoming law.