Full Text of HB5906 95th General Assembly
HB5906eng 95TH GENERAL ASSEMBLY
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HB5906 Engrossed |
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LRB095 17868 DRJ 43948 b |
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| AN ACT concerning State government.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Department of Commerce and Economic | 5 |
| Opportunity Law of the
Civil Administrative Code of Illinois is | 6 |
| amended by adding Section 605-530 as follows: | 7 |
| (20 ILCS 605/605-530 new) | 8 |
| Sec. 605-530. Veteran-owned small business loans. | 9 |
| (a) In this Section: | 10 |
| "Small business" means any for-profit business
in | 11 |
| Illinois, including, but not limited to, any sole | 12 |
| proprietorship,
partnership, corporation, joint venture, | 13 |
| association, or
cooperative, which is expected to have fewer | 14 |
| than
500 full-time employees. | 15 |
| "Veteran" means an Illinois resident who has served as a | 16 |
| member of the United States Armed Forces on active duty or | 17 |
| State active duty, a member of the Illinois National Guard, or | 18 |
| a member of the United States Reserve Forces and who has | 19 |
| received an honorable discharge. | 20 |
| "Veteran-owned small business" means a small business that | 21 |
| is, in the Department's
judgment, at least 51% owned and | 22 |
| managed by one or more persons who are veterans. | 23 |
| (b) The Department may make participation loans to |
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HB5906 Engrossed |
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LRB095 17868 DRJ 43948 b |
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| veteran-owned small businesses for the purposes of promoting | 2 |
| the creation of veteran-owned small businesses and promoting | 3 |
| the creation of jobs within small businesses. A loan made under | 4 |
| this Section must meet the following requirements: | 5 |
| (1) The loan may not exceed $100,000 or 50% of the | 6 |
| business project costs
unless the Director determines that | 7 |
| a waiver of these
limits is required to meet the purposes | 8 |
| of this Section. | 9 |
| (2) The loan may be made only if, in the Department's | 10 |
| judgment, the number of
jobs to be created is reasonable in | 11 |
| relation to the loan funds
requested. | 12 |
| (3) The loan must be protected by security. Financial | 13 |
| assistance may be
secured by first, second, or subordinate | 14 |
| mortgage positions on real or
personal property, by royalty | 15 |
| payments, by personal notes or guarantees, or
by any other | 16 |
| security satisfactory to the Department to secure | 17 |
| repayment. | 18 |
| (4) The loan shall be in a principal amount and form | 19 |
| and contain terms
and provisions with respect to security, | 20 |
| insurance, reporting, delinquency
charges, default | 21 |
| remedies, and other matters that the Department determines | 22 |
| are appropriate to protect the public interest
and | 23 |
| consistent with the purposes of this Section. | 24 |
| (c) Notwithstanding any other rulemaking authority that | 25 |
| may exist, neither the Governor nor any agency or agency head | 26 |
| under the jurisdiction of the Governor has any authority to |
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LRB095 17868 DRJ 43948 b |
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| make or promulgate rules to implement or enforce the provisions | 2 |
| of this amendatory Act of the 95th General Assembly. If, | 3 |
| however, the Governor believes that rules are necessary to | 4 |
| implement or enforce the provisions of this amendatory Act of | 5 |
| the 95th General Assembly, the Governor may suggest rules to | 6 |
| the General Assembly by filing them with the Clerk of the House | 7 |
| and Secretary of the Senate and by requesting that the General | 8 |
| Assembly authorize such rulemaking by law, enact those | 9 |
| suggested rules into law, or take any other appropriate action | 10 |
| in the General Assembly's discretion. Nothing contained in this | 11 |
| amendatory Act of the 95th General Assembly shall be | 12 |
| interpreted to grant rulemaking authority under any other | 13 |
| Illinois statute where such authority is not otherwise | 14 |
| explicitly given. For the purposes of this amendatory Act of | 15 |
| the 95th General Assembly, "rules" is given the meaning | 16 |
| contained in Section 1-70 of the Illinois Administrative | 17 |
| Procedure Act, and "agency" and "agency head" are given the | 18 |
| meanings contained in Sections 1-20 and 1-25 of the Illinois | 19 |
| Administrative Procedure Act to the extent that such | 20 |
| definitions apply to agencies or agency heads under the | 21 |
| jurisdiction of the Governor.
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| Section 99. Effective date. This Act takes effect upon | 23 |
| becoming law.
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