Bill Text: IL HB1073 | 2017-2018 | 100th General Assembly | Introduced


Bill Title: Amends the Illinois Investment and Development Authority Act. Makes a technical change in a Section concerning the purpose of the Act.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2017-04-28 - Rule 19(a) / Re-referred to Rules Committee [HB1073 Detail]

Download: Illinois-2017-HB1073-Introduced.html


100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB1073

Introduced , by Rep. Michael J. Madigan

SYNOPSIS AS INTRODUCED:
20 ILCS 3820/5

Amends the Illinois Investment and Development Authority Act. Makes a technical change in a Section concerning the purpose of the Act.
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A BILL FOR

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1 AN ACT concerning State government.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Illinois Investment and Development
5Authority Act is amended by changing Section 5 as follows:
6 (20 ILCS 3820/5)
7 Sec. 5. Purpose. The The purpose of this Act is to create a
8State entity to support the creation and growth of community
9development financial institutions, which provide access to
10capital for business development, capital investments, and
11other financing to expand private sector activities in
12economically disadvantaged communities and for low income
13people, by providing grants, loans, and technical assistance to
14CDFIs. Assistance by this entity would (i) expand financial
15services and capital access in economically disadvantaged
16communities, (ii) provide support for the creation of new small
17businesses and new jobs in economically disadvantaged
18communities, (iii) create opportunities for banks to get a
19federal incentive for investments in a CDFI, (iv) increase this
20State's share of the money distributed annually by the federal
21Community Development Financial Institutions Fund, and (v)
22create a new partnership between the State, banks and thrifts,
23and CDFIs.

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1(Source: P.A. 92-864, eff. 6-1-03.)
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