IL HB3905 | 2015-2016 | 99th General Assembly
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 27 2015 - 25% progression, died in chamber
Action: 2015-03-18 - Tabled
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 27 2015 - 25% progression, died in chamber
Action: 2015-03-18 - Tabled
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Illinois Finance Authority Act. Provides that the Authority is authorized to issue State guarantees to lenders for loans to small family farm operations, operators of community-supported agriculture, and beginning farmers. Provides that those guarantees (i) shall not exceed $35,000 per qualified applicant, (ii) shall be set up on a payment schedule not to exceed 7 years, except that annual operating loans must be repaid within 12 months after the agricultural commodities are sold, and (iii) shall be subject to annual review and renewal by the lender and the Authority. Provides that the Illinois Agricultural Loan Guarantee Fund and the Illinois Farmer and Agribusiness Loan Guarantee Fund may be used to secure those guarantees.
Title
IFA-FARMING MICROLOANS
Sponsors
History
Date | Chamber | Action |
---|---|---|
2015-03-18 | House | Tabled |
2015-03-18 | House | Motion Prevailed |
2015-03-17 | House | Motion Filed - Table Bill/Resolution Pursuant to Rule 60(b), Rep. John D. Anthony |
2015-03-13 | House | To Finance Subcommittee |
2015-03-12 | House | Assigned to Revenue & Finance Committee |
2015-02-27 | House | Referred to Rules Committee |
2015-02-27 | House | First Reading |
2015-02-27 | House | Filed with the Clerk by Rep. John D. Anthony |
Code Citations
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3905&GAID=13&DocTypeID=HB&SessionID=88&GA=99 |
Text | https://www.ilga.gov/legislation/99/HB/09900HB3905.htm |