15 ILCS 516/30-1
Short title
Short title. This Article may be cited as the Community Development Loan Guarantee Act. References in this Article to "this Act" mean this Article. (Source: P.A. 101-657, eff. 3-23-21; 102-687, eff. 12-17-21.)
Illinois Compiled Statutes 15 ILCS 516 — Community Development Loan Guarantee Act.
Illinois · statute · 15 ILCS 516 · 11 active provisions
15 ILCS 516/30-5
Policy
Policy. The General Assembly finds that it is vital for the State to invest in community economic development, particularly in communities which have been historically excluded from investment opportunities due to redlining, discriminatory banking practices, and racism. The purpose of this Act is to establish a Program…
15 ILCS 516/30-10
Definitions
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 C…
15 ILCS 516/30-15
Establishment of the Loan Guarantee Program
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. The Loan Guarantee Accounts may be used to cover the losses on guaranteed loans at a participating financial institution. (Sou…
15 ILCS 516/30-20
Eligible institutions
Eligible institutions. The State Treasurer shall determine the eligibility of financial institutions to participate in the Program. In addition to any other requirements of this Act and in accordance with any applicable federal law or program, the State Treasurer in determining eligibility of financial institutions sha…
15 ILCS 516/30-25
Fees
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 Loan Guarantee Account. (Source: P.A. 101-657, eff. 3-23-21; 102-1027, eff. 5-27-22.)
15 ILCS 516/30-30
Use of the Loan Guarantee Account
Use of the Loan Guarantee Account. (a) Moneys in a Loan Guarantee Account may be paid to a 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 a…
15 ILCS 516/30-35
Limitations on funding
Limitations on funding. The State Treasurer may allocate up to $10,000,000 of investment earnings each year for the Loan Guarantee Program, provided that no more than $50,000,000 may be used for guaranteeing loans at any given time. The State Treasurer shall make the allocation to the Loan Guarantee Administrative Trus…
15 ILCS 516/30-36
Loan Guarantee Administrative Trust Fund
Loan Guarantee Administrative Trust Fund. The Loan Guarantee Administrative Trust Fund is created as a nonappropriated trust fund within the State treasury. Moneys in the Fund may be used by the State Treasurer to guarantee loans and to cover administrative expenses related to the Program. The Fund may receive any gran…
15 ILCS 516/30-40
Rules
Rules. The State Treasurer shall adopt rules that are necessary and proper to implement and administer this Act including, but not limited to, fees and eligibility. (Source: P.A. 101-657, eff. 3-23-21.) (15 ILCS 516/Art. 35 heading) Article 35. (The Illinois Community Reinvestment Act is compiled at 205 ILCS 735/)(Sour…
15 ILCS 516/99-99
Effective date
Effective date. This Act takes effect upon becoming law, except that Articles 1 and 40 take effect January 1, 2022. (Source: P.A. 101-657, eff. 3-23-21.)