Illinois General Assembly - Bill Status for SB 15

Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Creates the Rural Microbusiness Loan Program to provide $250,000 per fiscal year in loans for the establishment or support of businesses that: (i) employ 5 or fewer employees; (ii) are located in rural counties with a population of 100,000 or less; and (iii) are based on the production, processing, or marketing of agricultural products, forest products, cottage and craft products, or tourism. Limits the total amount of loans made to any borrower to $25,000 per fiscal year. Requires the Department to adopt rules concerning the administration of the program and to create a competitive application procedure. Requires a borrower to provide a certain portion of the financing for the project. Limits the term of the loan to no more than 5 years. Contains provisions concerning the interest rate, security required for the loan, and other terms. Provides that all interest generated by the loans shall be deposited into the Rural Microbusiness Loan Program Administrative Fund, a special fund in the State treasury, for the purpose of paying expenses related to the administration of the Rural Microbusiness Loan Program. Amends the State Finance Act to create the Rural Microbusiness Loan Program Administrative Fund. Effective immediately.

Deletes everything after the enacting clause. Amends the Build Illinois Act. Establishes guidelines for the Department of Commerce and Economic Opportunity in the making of loans for rural micro-businesses and requires the Department to adopt rules for the administration of those loans. Defines "rural micro-business" as any business that (i) employees 5 or fewer full-time employees, including the owner if the owner is an employee of the business, and (ii) is based on the production, processing, or marketing of agricultural products, forest products, cottage and craft products, or tourism. Provides that certain direct appropriations from the General Revenue Fund by the General Assembly shall be deposited into the Illinois Capital Revolving Loan Fund. Effective immediately.

Date	Chamber	Action
8/1/2005	Senate	Public Act . . . . . . . . . 94-0392

Date	Chamber	Action
1/26/2005	Senate	Filed with Secretary by Sen. John M. Sullivan
1/26/2005	Senate	First Reading
1/26/2005	Senate	Referred to Rules
2/3/2005	Senate	Assigned to Agriculture & Conservation
2/16/2005	Senate	Held in Agriculture & Conservation
2/17/2005	Senate	Added as Chief Co-Sponsor Sen. Deanna Demuzio
2/24/2005	Senate	Do Pass Agriculture & Conservation; 008-000-000
2/24/2005	Senate	Placed on Calendar Order of 2nd Reading March 1, 2005
2/24/2005	Senate	Fiscal Note Requested by Sen. Dale A. Righter
2/28/2005	Senate	Added as Chief Co-Sponsor Sen. Jeffrey M. Schoenberg
3/3/2005	Senate	Added as Co-Sponsor Sen. Martin A. Sandoval
3/3/2005	Senate	Sponsor Removed Sen. Martin A. Sandoval
3/10/2005	Senate	Fiscal Note Filed from the Illinois Department of Commerce and Economic Opportunity.
3/11/2005	Senate	Added as Co-Sponsor Sen. Antonio Munoz
4/8/2005	Senate	Senate Floor Amendment No. 1 Filed with Secretary by Sen. John M. Sullivan
4/8/2005	Senate	Senate Floor Amendment No. 1 Referred to Rules
4/11/2005	Senate	Added as Co-Sponsor Sen. Arthur J. Wilhelmi
4/11/2005	Senate	Second Reading
4/11/2005	Senate	Placed on Calendar Order of 3rd Reading April 12, 2005
4/11/2005	Senate	Senate Floor Amendment No. 1 Rules Refers to Agriculture & Conservation
4/12/2005	Senate	Senate Floor Amendment No. 1 Recommend Do Adopt Agriculture & Conservation; 007-000-000
4/14/2005	Senate	Added as Chief Co-Sponsor Sen. Martin A. Sandoval
4/14/2005	Senate	Recalled to Second Reading
4/14/2005	Senate	Senate Floor Amendment No. 1 Adopted; J. Sullivan
4/14/2005	Senate	Placed on Calendar Order of 3rd Reading
4/14/2005	Senate	Third Reading - Passed; 058-000-000
4/14/2005	House	Arrived in House
4/14/2005	House	Placed on Calendar Order of First Reading
4/14/2005	House	Chief House Sponsor Rep. Robert F. Flider
4/14/2005	House	First Reading
4/14/2005	House	Referred to Rules Committee
4/20/2005	House	Assigned to International Trade & Commerce Committee
4/27/2005	House	Added Alternate Chief Co-Sponsor Rep. Daniel V. Beiser
4/27/2005	House	Added Alternate Chief Co-Sponsor Rep. John E. Bradley
4/27/2005	House	Do Pass / Short Debate International Trade & Commerce Committee; 013-000-000
4/28/2005	House	Placed on Calendar 2nd Reading - Short Debate
4/28/2005	House	Added Alternate Chief Co-Sponsor Rep. Kurt M. Granberg
5/3/2005	House	Second Reading - Short Debate
5/3/2005	House	Placed on Calendar Order of 3rd Reading - Short Debate
5/3/2005	House	Added Alternate Chief Co-Sponsor Rep. Lisa M. Dugan
5/3/2005	House	Added Alternate Co-Sponsor Rep. Gary Hannig
5/4/2005	House	Added Alternate Co-Sponsor Rep. Careen M Gordon
5/4/2005	House	Third Reading - Short Debate - Passed 112-003-000
5/4/2005	Senate	Passed Both Houses
5/18/2005	House	Added Alternate Co-Sponsor Rep. Cynthia Soto
6/2/2005	Senate	Sent to the Governor
8/1/2005	Senate	Governor Approved
8/1/2005	Senate	Effective Date August 1, 2005
8/1/2005	Senate	Public Act . . . . . . . . . 94-0392

	Fiscal Note (Department of Commerce and Economic Opportunity)
	The fiscal impact of Senate Bill 15 on the Department of Commerce and Economic Opportunity is estimated to be up to $250,000 per fiscal year to make Rural Microbusiness Loans. The Department estimates that existing staff can be used to address all administrative duties associated with this new program.

	Adds reference to:
	30 ILCS 750/9-4.2	from Ch. 127, par. 2709-4.2