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Public Act 91-0281
SB1189 Enrolled LRB9106175DHmg
AN ACT to amend the Illinois Farm Development Act.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Farm Development Act is amended
by adding Section 7.2 as follows:
(20 ILCS 3605/7.2 new)
Sec. 7.2. Interest-buy-back program.
(a) The Authority shall establish an interest-buy-back
program to subsidize the interest cost on certain loans to
Illinois farmers.
(b) To be eligible an applicant must (i) be a resident
of Illinois; (ii) be a principal operator of a farm or land;
(iii) derive at least 50% of annual gross income from
farming; and (iv) have a net worth of at least $10,000. The
Authority shall establish minimum and maximum financial
requirements, maximum payment amounts, starting and ending
dates for the program, and other criteria.
(c) Lenders may apply on behalf of eligible applicants
on forms provided by the Authority. Lenders may submit
requests for payment on forms provided by the Authority.
Lenders and applicants shall be responsible for any fees or
charges the Authority may require.
(d) The Authority shall make payments to lenders from
available appropriations from the General Revenue Fund.
Section 99. Effective date. This Act takes effect upon
becoming law.
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