Illinois House Bill 2072 (Prior Session Legislation)

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Completed Legislative Action
Sponsorship: Partisan Bill (Democrat 1)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Creates the Capital Access Loan Pilot Program. Creates the Capital Access Loan Loss Reserve Fund. Provides that the Department shall secure 10% of loans to eligible small businesses, if the participating financial institution would not offer the borrower a small business loan under the institution's prevailing credit standards without the 10% guarantee. Provides that the financial institution must submit an application to participate in the Program. Provides guidelines that the Department shall consider when determining whether a loan may be considered "eligible". Provides that an eligible business shall pay a one-time fee to the Department. Provides that the Department shall establish procedures under which participating financial institutions may submit claims for reimbursement for losses incurred as a result of qualified loan defaults. Provides that the Department may promulgate rules to implement the Program.

DCEO-CAPITAL ACCESS LOAN PILOT

Rep. Louis Lang [D]

Date	Chamber	Action
2013-01-08	House	Session Sine Die
2011-03-17	House	Rule 19(a) / Re-referred to Rules Committee
2011-02-24	House	Assigned to Revenue & Finance Committee
2011-02-22	House	Referred to Rules Committee
2011-02-22	House	First Reading
2011-02-17	House	Filed with the Clerk by Rep. Lou Lang

Chapter	Article	Section	Citation Type	Statute Text
20	605	605-422	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2072&GAID=11&DocTypeID=HB&SessionID=84&GA=97
Text	https://www.ilga.gov/legislation/97/HB/09700HB2072.htm