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Public Act 102-1027


 

Public Act 1027 102ND GENERAL ASSEMBLY

  
  
  

 


 
Public Act 102-1027
 
SB3847 EnrolledLRB102 24371 RJF 33605 b

    AN ACT concerning State government.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    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)
    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.
(Source: P.A. 101-657, eff. 3-23-21.)
 
    (15 ILCS 516/30-15)
    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.
(Source: P.A. 101-657, eff. 3-23-21.)
 
    (15 ILCS 516/30-25)
    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.
(Source: P.A. 101-657, eff. 3-23-21.)
 
    (15 ILCS 516/30-30)
    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.
    (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.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 5/27/2022