Illinois General Assembly - Full Text of HB1567

LRB104 05969 HLH 16002 b

104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB1567

Introduced 1/28/2025, by Rep. Dave Vella

SYNOPSIS AS INTRODUCED:

20 ILCS 3501/825-120 new
30 ILCS 105/5.1030 new

Amends the Illinois Finance Authority Act. Provides that the Illinois Finance Authority and the Illinois Law Enforcement Training and Standards Board may jointly administer a squad car revolving loan program. Creates the Squad Car Revolving Loan Fund. Provides that loans under the program shall be paid out of the Squad Car Revolving Loan Fund. Amends the State Finance Act to make conforming changes.

A BILL FOR

AN ACT concerning finance.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Finance Authority Act is amended by adding Section 825-120 as follows:

(20 ILCS 3501/825-120 new)

Sec. 825-120. Squad Car Revolving Loan Program.

(a) The Illinois Finance Authority and the Illinois Law Enforcement Training and Standards Board may jointly administer a squad car revolving loan program. The program shall, in instances where sufficient loan funds exist to permit applications to be accepted, provide zero-interest loans for the purchase of squad cars by local Illinois law enforcement agencies. The Authority shall make loans based on need, as determined by the Illinois Law Enforcement Training and Standards Board.

(b) The loan funds shall be paid, subject to appropriation, out of the Squad Car Revolving Loan Fund, a special fund in the State Treasury. The Squad Car Revolving Loan Fund shall consist of any moneys transferred or appropriated into the Squad Car Revolving Loan Fund and all repayments of loans made under the squad car revolving loan program. The Squad Car Revolving Loan Fund shall be used for loans to local Illinois law enforcement agencies to purchase squad cars and for no other purpose. All interest earned on moneys in the Fund shall be deposited into the Fund.

(c) No local Illinois law enforcement agency may receive a loan under this Section that exceeds $250,000. No local Illinois law enforcement agency is eligible for a second or subsequent loan under this Section until that local Illinois law enforcement agency has repaid at least 50% of the amount borrowed under the terms of each of the previous loans awarded to the local Illinois law enforcement agency under this Section. The repayment period for the loan may not exceed 5 years. The local Illinois law enforcement agency shall repay each year at least 20% of the principal amount borrowed or the remaining balance of the loan, whichever is less. All repayments of loans under this Section shall be deposited into the Squad Car Revolving Loan Fund.

(d) The Authority, in consultation with the Illinois Law Enforcement Training and Standards Board, may adopt rules to administer this Section.

(e) As used in this Section:

"Local Illinois law enforcement agency" means an agency of any municipality or county that is vested by law or ordinance with the duty to maintain public order and to enforce criminal laws or ordinances.

Section 10. The State Finance Act is amended by adding Section 5.1030 as follows:

(30 ILCS 105/5.1030 new)

Sec. 5.1030. The Squad Car Revolving Loan Fund.