IL SB3807 | 2023-2024 | 103rd General Assembly
Status
Completed Legislative Action
Spectrum: Moderate Partisan Bill (Democrat 7-2)
Status: Passed on August 9 2024 - 100% progression
Action: 2024-08-09 - Public Act . . . . . . . . . 103-1051
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Moderate Partisan Bill (Democrat 7-2)
Status: Passed on August 9 2024 - 100% progression
Action: 2024-08-09 - Public Act . . . . . . . . . 103-1051
Text: Latest bill text (Chaptered) [HTML]
Summary
Amends the Build Illinois Act. Provides that the amount of small business loans made to minority persons, veterans, females, or persons with a disability under the Act shall not exceed $2,000,000 (rather than $400,000) or 50% of the business project costs unless the Director of Commerce and Economic Development determines that a waiver of these limits is required to meet the purposes of the Act. Provides that eligible projects under those provisions include refinancing current debt if the loan will refinance a loan previously made by a lender that is unaffiliated with the financial intermediary making the new loan and the proceeds of the refinance transaction are not used to finance an extraordinary dividend or other distribution.
Title
BUILD ILLINOIS ACT-LOAN LIMIT
Sponsors
Roll Calls
2024-05-23 - House - Third Reading in House (Y: 109 N: 0 NV: 3 Abs: 0) [PASS]
2024-04-12 - Senate - Third Reading in Senate (Y: 54 N: 3 NV: 2 Abs: 0) [PASS]
2024-04-12 - Senate - Third Reading in Senate (Y: 54 N: 3 NV: 2 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-08-09 | Senate | Public Act . . . . . . . . . 103-1051 |
| 2024-08-09 | Senate | Effective Date January 1, 2025 |
| 2024-08-09 | Senate | Governor Approved |
| 2024-06-21 | Senate | Sent to the Governor |
| 2024-05-23 | House | Added Alternate Co-Sponsor Rep. Kevin Schmidt |
| 2024-05-23 | House | Added Alternate Chief Co-Sponsor Rep. Brandun Schweizer |
| 2024-05-23 | House | Added Alternate Chief Co-Sponsor Rep. Yolonda Morris |
| 2024-05-23 | House | Added Alternate Chief Co-Sponsor Rep. Curtis J. Tarver, II |
| 2024-05-23 | Senate | Passed Both Houses |
| 2024-05-23 | House | Third Reading - Short Debate - Passed 109-000-000 |
| 2024-05-23 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 2024-05-22 | House | Added Alternate Chief Co-Sponsor Rep. Dagmara Avelar |
| 2024-05-17 | House | Third Reading/Final Action Deadline Extended-9(b) May 24, 2024 |
| 2024-05-16 | House | Held on Calendar Order of Second Reading - Short Debate |
| 2024-05-16 | House | Second Reading - Short Debate |
| 2024-05-02 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2024-05-02 | House | Do Pass / Short Debate Small Business, Tech Innovation, and Entrepreneurship Committee; 010-000-000 |
| 2024-04-24 | House | Assigned to Small Business, Tech Innovation, and Entrepreneurship Committee |
| 2024-04-15 | House | Referred to Rules Committee |
| 2024-04-15 | House | First Reading |
| 2024-04-15 | House | Chief House Sponsor Rep. Carol Ammons |
| 2024-04-12 | House | Arrived in House |
| 2024-04-12 | Senate | Third Reading - Passed; 054-003-000 |
| 2024-04-11 | Senate | Added as Co-Sponsor Sen. Mary Edly-Allen |
| 2024-04-10 | Senate | Placed on Calendar Order of 3rd Reading ** |
| 2024-03-14 | Senate | Placed on Calendar Order of 3rd Reading March 20, 2024 |
| 2024-03-14 | Senate | Second Reading |
| 2024-03-07 | Senate | Placed on Calendar Order of 2nd Reading March 12, 2024 |
| 2024-03-07 | Senate | Do Pass Executive; 011-000-000 |
| 2024-02-28 | Senate | Added as Chief Co-Sponsor Sen. Paul Faraci |
| 2024-02-28 | Senate | Assigned to Executive |
| 2024-02-09 | Senate | Referred to Assignments |
| 2024-02-09 | Senate | First Reading |
| 2024-02-09 | Senate | Filed with Secretary by Sen. Celina Villanueva |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 30 | 750 | 9-4.3 | Amended Code | Citation Text |
