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1 | AN ACT concerning State government.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Department of Commerce and Economic | ||||||
5 | Opportunity Law of the
Civil Administrative Code of Illinois is | ||||||
6 | amended by adding Section 605-530 as follows: | ||||||
7 | (20 ILCS 605/605-530 new) | ||||||
8 | Sec. 605-530. Veteran-owned small business loans. | ||||||
9 | (a) In this Section: | ||||||
10 | "Small business" means any for-profit business
in | ||||||
11 | Illinois, including, but not limited to, any sole | ||||||
12 | proprietorship,
partnership, corporation, joint venture, | ||||||
13 | association, or
cooperative, which is expected to have fewer | ||||||
14 | than
500 full-time employees. | ||||||
15 | "Veteran" means an Illinois resident who has served as a | ||||||
16 | member of the United States Armed Forces on active duty or | ||||||
17 | State active duty, a member of the Illinois National Guard, or | ||||||
18 | a member of the United States Reserve Forces and who has | ||||||
19 | received an honorable discharge. | ||||||
20 | "Veteran-owned small business" means a small business that | ||||||
21 | is, in the Department's
judgment, at least 51% owned and | ||||||
22 | managed by one or more persons who are veterans. | ||||||
23 | (b) The Department may make participation loans to |
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1 | veteran-owned small businesses for the purposes of promoting | ||||||
2 | the creation of veteran-owned small businesses and promoting | ||||||
3 | the creation of jobs within small businesses. A loan made under | ||||||
4 | this Section must meet the following requirements: | ||||||
5 | (1) The loan may not exceed $100,000 or 50% of the | ||||||
6 | business project costs
unless the Director determines that | ||||||
7 | a waiver of these
limits is required to meet the purposes | ||||||
8 | of this Section. | ||||||
9 | (2) The loan may be made only if, in the Department's | ||||||
10 | judgment, the number of
jobs to be created is reasonable in | ||||||
11 | relation to the loan funds
requested. | ||||||
12 | (3) The loan must be protected by security. Financial | ||||||
13 | assistance may be
secured by first, second, or subordinate | ||||||
14 | mortgage positions on real or
personal property, by royalty | ||||||
15 | payments, by personal notes or guarantees, or
by any other | ||||||
16 | security satisfactory to the Department to secure | ||||||
17 | repayment. | ||||||
18 | (4) The loan shall be in a principal amount and form | ||||||
19 | and contain terms
and provisions with respect to security, | ||||||
20 | insurance, reporting, delinquency
charges, default | ||||||
21 | remedies, and other matters that the Department determines | ||||||
22 | are appropriate to protect the public interest
and | ||||||
23 | consistent with the purposes of this Section. | ||||||
24 | (c) Notwithstanding any other rulemaking authority that | ||||||
25 | may exist, neither the Governor nor any agency or agency head | ||||||
26 | under the jurisdiction of the Governor has any authority to |
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1 | make or promulgate rules to implement or enforce the provisions | ||||||
2 | of this amendatory Act of the 95th General Assembly. If, | ||||||
3 | however, the Governor believes that rules are necessary to | ||||||
4 | implement or enforce the provisions of this amendatory Act of | ||||||
5 | the 95th General Assembly, the Governor may suggest rules to | ||||||
6 | the General Assembly by filing them with the Clerk of the House | ||||||
7 | and Secretary of the Senate and by requesting that the General | ||||||
8 | Assembly authorize such rulemaking by law, enact those | ||||||
9 | suggested rules into law, or take any other appropriate action | ||||||
10 | in the General Assembly's discretion. Nothing contained in this | ||||||
11 | amendatory Act of the 95th General Assembly shall be | ||||||
12 | interpreted to grant rulemaking authority under any other | ||||||
13 | Illinois statute where such authority is not otherwise | ||||||
14 | explicitly given. For the purposes of this amendatory Act of | ||||||
15 | the 95th General Assembly, "rules" is given the meaning | ||||||
16 | contained in Section 1-70 of the Illinois Administrative | ||||||
17 | Procedure Act, and "agency" and "agency head" are given the | ||||||
18 | meanings contained in Sections 1-20 and 1-25 of the Illinois | ||||||
19 | Administrative Procedure Act to the extent that such | ||||||
20 | definitions apply to agencies or agency heads under the | ||||||
21 | jurisdiction of the Governor.
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22 | Section 99. Effective date. This Act takes effect upon | ||||||
23 | becoming law.
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