IL HB1567

Creates a Squad Car Revolving Loan Program jointly administered by the Illinois Finance Authority and the Illinois Law Enforcement Training and Standards Board to provide zero-interest loans to local law enforcement agencies for purchasing squad cars

Establishes the Squad Car Revolving Loan Fund in the State Treasury, funded by appropriations, transfers, loan repayments, and interest earned on fund balances

Caps individual loans at $250,000 per local law enforcement agency, with loans awarded based on need as determined by the Illinois Law Enforcement Training and Standards Board

Requires loan repayment within 5 years, with agencies paying at least 20% of principal annually; agencies must repay at least 50% of previous loans before receiving subsequent loans

Defines eligible recipients as municipal or county agencies responsible for maintaining public order and enforcing criminal laws or ordinances