IL SB3847 | 2021-2022 | 102nd General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 4-0)
Status: Passed on May 27 2022 - 100% progression
Action: 2022-05-27 - Public Act . . . . . . . . . 102-1027
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Democrat 4-0)
Status: Passed on May 27 2022 - 100% progression
Action: 2022-05-27 - Public Act . . . . . . . . . 102-1027
Text: Latest bill text (Chaptered) [HTML]
Summary
Amends the Community Development Loan Guarantee Act. Provides that the State Treasurer may establish the Loan Guarantee Program by establishing one or more Loan Guarantee Accounts at approved financial institutions (currently, one Account as a special account outside the State treasury with the State Treasurer as custodian). Provides that moneys in a Loan Guarantee Account may be paid to a participating financial institution to cover losses on guaranteed loans up to the full amount in the Account or the amount of loss, whichever is lesser. Provides that the State of Illinois and the State Treasurer shall not be responsible for any losses in excess of the full amount in the Loan Guarantee Account designated for a participating financial institution. Provides that the State Treasurer may withdraw funds from any Loan Guarantee Account for a financial institution's failure to comply with Program requirements. Makes conforming and other changes. Effective immediately.
Title
STATE TREASURER-LOAN GUARANTEE
Sponsors
Roll Calls
2022-04-06 - House - Third Reading in House (Y: 71 N: 41 NV: 4 Abs: 0) [PASS]
2022-02-16 - Senate - Third Reading in Senate (Y: 53 N: 0 NV: 6 Abs: 0) [PASS]
2022-02-16 - Senate - Third Reading in Senate (Y: 53 N: 0 NV: 6 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2022-05-27 | Senate | Public Act . . . . . . . . . 102-1027 |
| 2022-05-27 | Senate | Effective Date May 27, 2022 |
| 2022-05-27 | Senate | Governor Approved |
| 2022-05-05 | Senate | Sent to the Governor |
| 2022-04-06 | House | Added Alternate Chief Co-Sponsor Rep. Mary E. Flowers |
| 2022-04-06 | Senate | Passed Both Houses |
| 2022-04-06 | House | Third Reading - Short Debate - Passed 071-041-000 |
| 2022-03-31 | House | Final Action Deadline Extended-9(b) April 8, 2022 |
| 2022-03-23 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 2022-03-23 | House | Second Reading - Short Debate |
| 2022-03-16 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2022-03-15 | House | Do Pass / Short Debate Financial Institutions Committee; 007-004-000 |
| 2022-03-07 | House | Assigned to Financial Institutions Committee |
| 2022-03-02 | House | Added Alternate Chief Co-Sponsor Rep. LaToya Greenwood |
| 2022-03-02 | House | Alternate Chief Sponsor Changed to Rep. Sonya M. Harper |
| 2022-02-16 | House | Referred to Rules Committee |
| 2022-02-16 | House | First Reading |
| 2022-02-16 | House | Chief House Sponsor Rep. LaToya Greenwood |
| 2022-02-16 | House | Arrived in House |
| 2022-02-16 | Senate | Third Reading - Passed; 053-000-000 |
| 2022-02-15 | Senate | Placed on Calendar Order of 3rd Reading February 16, 2022 |
| 2022-02-15 | Senate | Second Reading |
| 2022-02-10 | Senate | Placed on Calendar Order of 2nd Reading February 15, 2022 |
| 2022-02-10 | Senate | Do Pass State Government; 008-000-000 |
| 2022-02-01 | Senate | Assigned to State Government |
| 2022-01-21 | Senate | Referred to Assignments |
| 2022-01-21 | Senate | First Reading |
| 2022-01-21 | Senate | Filed with Secretary by Sen. Christopher Belt |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 15 | 516 | 30-10 | Amended Code | Citation Text |
| 15 | 516 | 30-15 | Amended Code | Citation Text |
| 15 | 516 | 30-25 | Amended Code | Citation Text |
| 15 | 516 | 30-30 | Amended Code | Citation Text |
