Illinois House Bill 3905 (Prior Session Legislation)

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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]

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.

IFA-FARMING MICROLOANS

Rep. John Anthony [R]

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

Chapter	Article	Section	Citation Type	Statute Text
20	3501	830-47	New Code	See Bill Text

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