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IL SB3847
Bill
Status
5/27/2022
Primary Sponsor
Christopher Belt
Click for details
AI Summary
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Allows the State Treasurer to establish multiple Loan Guarantee Accounts at approved financial institutions instead of a single account.
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Enables the State Treasurer to set a cap on total funds held in any Loan Guarantee Account, with excess funds able to be withdrawn.
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Grants the State Treasurer authority to withdraw funds from any Loan Guarantee Account if a financial institution fails to comply with Program requirements.
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Maintains existing fee structure allowing the State Treasurer to charge no more than 5% of the total guaranteed loan amount, deposited into a Loan Guarantee Account.
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Takes effect upon becoming law.
Legislative Description
STATE TREASURER-LOAN GUARANTEE
Last Action
Public Act . . . . . . . . . 102-1027
5/27/2022