IL HB5052

Amends the Community Development Loan Guarantee Act to allow the State Treasurer to establish multiple Loan Guarantee Accounts at approved financial institutions, rather than a single account.

Expands the definition of eligible financial institutions to include community development financial institutions certified by the U.S. Treasury Community Development Financial Institutions Fund.

Authorizes the State Treasurer to establish fees of up to 5% of the total guaranteed loan amount, with fees deposited into the Loan Guarantee Accounts.

Allows the State Treasurer to set caps on total funds held in any Loan Guarantee Account and to withdraw excess funds, and permits withdrawal of funds if a financial institution fails to comply with Program requirements.

The State of Illinois and State Treasurer are not responsible for losses exceeding the amount in the designated Loan Guarantee Account.