IL HB4334

Amends the Illinois Finance Authority Act to establish a fire truck revolving loan program administered jointly by the Illinois Finance Authority and State Fire Marshal.

Provides zero-interest and low-interest loans for fire departments, fire protection districts, and township fire departments to purchase fire trucks and brush trucks, with interest rates for brush trucks ranging from 0% to 2% depending on where the chassis and apparatus are manufactured.

Establishes the Fire Truck Revolving Loan Fund as a special fund in the State Treasury, consisting of appropriated moneys, loan repayments, and accrued interest, to be used exclusively for fire truck and brush truck loans.

Increases the maximum loan limit from $250,000 to $350,000 per fire department or fire protection district, with brush truck loans capped at $100,000 per truck and a maximum repayment period of 20 years.

Requires borrowers to repay at least 5% of principal annually or the remaining loan balance, whichever is less, with all repayments deposited back into the revolving loan fund.