Bill Status of SB 3807   103rd General Assembly

Short Description:  BUILD ILLINOIS ACT-LOAN LIMIT

Senate Sponsors
Sen. Celina Villanueva-Paul Faraci and Mary Edly-Allen

House Sponsors
(Rep. Carol Ammons-Dagmara Avelar-Curtis J. Tarver, II-Yolonda Morris-Brandun Schweizer and Kevin Schmidt)


Last Action  View All Actions

DateChamber Action
  8/9/2024SenatePublic Act . . . . . . . . . 103-1051

Statutes Amended In Order of Appearance
30 ILCS 750/9-4.3from Ch. 127, par. 2709-4.3

Synopsis As Introduced
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.

Actions 
DateChamber Action
  2/9/2024SenateFiled with Secretary by Sen. Celina Villanueva
  2/9/2024SenateFirst Reading
  2/9/2024SenateReferred to Assignments
  2/28/2024SenateAssigned to Executive
  2/28/2024SenateAdded as Chief Co-Sponsor Sen. Paul Faraci
  3/7/2024SenateDo Pass Executive; 011-000-000
  3/7/2024SenatePlaced on Calendar Order of 2nd Reading March 12, 2024
  3/14/2024SenateSecond Reading
  3/14/2024SenatePlaced on Calendar Order of 3rd Reading March 20, 2024
  4/10/2024SenatePlaced on Calendar Order of 3rd Reading **
  4/11/2024SenateAdded as Co-Sponsor Sen. Mary Edly-Allen
  4/12/2024SenateThird Reading - Passed; 054-003-000
  4/12/2024HouseArrived in House
  4/15/2024HouseChief House Sponsor Rep. Carol Ammons
  4/15/2024HouseFirst Reading
  4/15/2024HouseReferred to Rules Committee
  4/24/2024HouseAssigned to Small Business, Tech Innovation, and Entrepreneurship Committee
  5/2/2024HouseDo Pass / Short Debate Small Business, Tech Innovation, and Entrepreneurship Committee; 010-000-000
  5/2/2024HousePlaced on Calendar 2nd Reading - Short Debate
  5/16/2024HouseSecond Reading - Short Debate
  5/16/2024HouseHeld on Calendar Order of Second Reading - Short Debate
  5/17/2024HouseThird Reading/Final Action Deadline Extended-9(b) May 24, 2024
  5/22/2024HouseAdded Alternate Chief Co-Sponsor Rep. Dagmara Avelar
  5/23/2024HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/23/2024HouseThird Reading - Short Debate - Passed 109-000-000
  5/23/2024SenatePassed Both Houses
  5/23/2024HouseAdded Alternate Chief Co-Sponsor Rep. Curtis J. Tarver, II
  5/23/2024HouseAdded Alternate Chief Co-Sponsor Rep. Yolonda Morris
  5/23/2024HouseAdded Alternate Chief Co-Sponsor Rep. Brandun Schweizer
  5/23/2024HouseAdded Alternate Co-Sponsor Rep. Kevin Schmidt
  6/21/2024SenateSent to the Governor
  8/9/2024SenateGovernor Approved
  8/9/2024SenateEffective Date January 1, 2025
  8/9/2024SenatePublic Act . . . . . . . . . 103-1051

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