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| Public Act 102-1027 | ||||
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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 Community Development Loan Guarantee Act is | ||||
amended by changing Sections 30-10, 30-15, 30-25, and 30-30 as | ||||
follows: | ||||
(15 ILCS 516/30-10)
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Sec. 30-10. Definitions. As used in this Act: | ||||
"Financial institution" means a bank, a savings and loan | ||||
association, a savings bank, a credit union, a minority | ||||
depository institution as designated by the Federal Deposit | ||||
Insurance Corporation, or a community development financial | ||||
institution certified by the United States Treasury Community | ||||
Development Financial Institutions Fund, which is operating in | ||||
the State of Illinois. | ||||
"Loan Guarantee Account" means an account at a financial | ||||
institution outside the State Treasury of which the State | ||||
Treasurer is custodian with the purpose of guaranteeing loans | ||||
made by a participating financial institution in accordance | ||||
with this Act.
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(Source: P.A. 101-657, eff. 3-23-21.) | ||||
(15 ILCS 516/30-15)
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Sec. 30-15. Establishment of the Loan Guarantee Program. | ||
The State Treasurer may establish the Loan Guarantee Program | ||
by establishing one or more Loan Guarantee Accounts at | ||
approved financial institutions at any eligible financial | ||
institution a Loan Guarantee Account as a special account | ||
outside the State treasury and with the State Treasurer as | ||
custodian. The Loan Guarantee Accounts This Account may be | ||
used to cover the losses on guaranteed loans at a the | ||
participating financial institution.
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(Source: P.A. 101-657, eff. 3-23-21.) | ||
(15 ILCS 516/30-25)
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Sec. 30-25. Fees. The State Treasurer may establish, as a | ||
component of the Program, fees of no more than 5% of the total | ||
guaranteed loan amount. The fees shall be deposited into a the | ||
Loan Guarantee Account.
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(Source: P.A. 101-657, eff. 3-23-21.) | ||
(15 ILCS 516/30-30)
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Sec. 30-30. Use of the Loan Guarantee Account. | ||
(a) Moneys in a Loan Guarantee the Account may be paid to a | ||
used by the participating financial institution to cover | ||
losses on guaranteed loans up to the full amount in the Account | ||
or the amount of loss, whichever is lesser. The State of | ||
Illinois and the State Treasurer shall not be responsible for | ||
any losses in excess of the full amount in the Loan Guarantee | ||
Account designated for a participating at the financial | ||
institution. | ||
(b) The State Treasurer may set a cap on the total funds | ||
held in any Loan Guarantee Account at any participating | ||
financial institution. Funds in excess of the cap may be | ||
withdrawn by the Treasurer. | ||
(c) The State Treasurer shall withdraw the full amount in | ||
any Loan Guarantee the Account in the event the Loan Guarantee | ||
Program is discontinued, or the financial institution leaves | ||
the Program.
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(d) The State Treasurer may withdraw funds from any Loan | ||
Guarantee Account for a financial institution's failure to | ||
comply with Program requirements. | ||
(Source: P.A. 101-657, eff. 3-23-21.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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