Illinois House Bill 5857 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on October 30 2020 - 25% progression, died in committee
Action: 2020-11-10 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Creates the Black Wall Street Program Act. Requires the Department of Commerce and Economic Opportunity to create and administer the Black Wall Street Program to provide loans and financial assistance to designated communities for the creation of Black Wall Street Business Districts. Specifies further requirements concerning Program eligibility and the disbursement of loan funds under the Program. Requires each municipality receiving a loan under the Program to establish a municipal investment program by which loan funds are dispersed to qualified African American business entities and persons for the purpose of establishing Black Wall Street Business Districts. Allows for the use of loan funds to invest in, issue, or sell bonds for the purpose of the construction of Black Wall Street Business Districts and all related matters. Requires the Department to compile and make available to the public a database of qualified African American contractors and engineers. Requires the Department to create and administer a Black Wall Street Investment Hub for the purposes of providing specified assistance to African American business entities and persons in establishing Black Wall Street businesses. Provides for the adoption of administrative rules. Creates the Black Wall Street Fund as a special fund in the State treasury for specified purposes. Defines terms. Makes conforming changes.

BLACK WALL STREET PROGRAM

Rep. Thaddeus Jones [D]

Date	Chamber	Action
2020-11-10	House	Referred to Rules Committee
2020-11-10	House	First Reading
2020-10-30	House	Filed with the Clerk by Rep. Thaddeus Jones

Chapter	Article	Section	Citation Type	Statute Text
30	105	5.935	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5857&GAID=15&DocTypeID=HB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/HB/10100HB5857.htm