Illinois Compiled Statutes 20 ILCS 3610 — Emergency Farm Credit Allocation Act.

This Act shall be known and may be cited as the Emergency Farm Credit Allocation Act

This Act shall be known and may be cited as the Emergency Farm Credit Allocation Act. (Source: P.A. 84-1.)

The General Assembly has found and determined and does hereby declare that: (a) a strong farm economy is essential to the overall fiscal health of the State of Illinois; (b) farmers in Illinois are currently facing an economic crisis of unprecedented proportion caused in part by high credit costs and low commodity pric…

As used in this Act unless the context otherwise requires: (a) "Applicant" means an Illinois farmer applying for an operating loan

As used in this Act unless the context otherwise requires: (a) "Applicant" means an Illinois farmer applying for an operating loan. (b) "Operating loan" means a loan to an applicant in connection with cultivating the soil, or in connection with raising or harvesting any agricultural or horticultural commodity, includin…

There is hereby created a payment adjustment program to be administered by the Illinois Finance Authority

There is hereby created a payment adjustment program to be administered by the Illinois Finance Authority. The Authority shall have the authority to promulgate and adopt rules and regulations which are consistent with this Act. The Authority may impose a minimal fee to cover the costs of administering the program. On o…

A payment adjustment may be granted if the following criteria are satisfied: (a) the applicant is a resident of the State of Illinois and is the principal operator of the farm or land for which the loan is intended, provided that only one such loan shall be made for any one farm operation; (b) the applicant can demonst…

Application for an operating loan subject to a payment adjustment shall be to any lender

Application for an operating loan subject to a payment adjustment shall be to any lender. The lender may approve any application meeting the criteria established in Sections 5 and 7 of this Act. Any approved application shall be subject to approval by the Authority with respect to the grant of a payment adjustment. (So…

An application for a payment adjustment shall be transacted on forms provided by the Authority

An application for a payment adjustment shall be transacted on forms provided by the Authority. An operating loan subject to a payment adjustment shall not exceed $150,000; shall be due and payable within 14 months after the operating loan is granted; it shall be made at a fixed or variable interest rate not to exceed…

There is hereby created outside of the State treasury a special fund to be known as the Farm Credit Payment Adjustment Fund

There is hereby created outside of the State treasury a special fund to be known as the Farm Credit Payment Adjustment Fund. The State Treasurer shall be custodian of such fund. All earnings on monies in such fund shall be deposited into the Farm Credit Payment Adjustment Fund. Any applicant approved by a lender for an…