Bill Status of SB 3243   97th General Assembly

Short Description:  MICROLOAN PROGRAM ACT

Senate Sponsors
Sen. Dan Kotowski-Jacqueline Y. Collins, John G. Mulroe-Gary Forby, Linda Holmes-John M. Sullivan-Donne E. Trotter, Toi W. Hutchinson, Emil Jones, III, Mattie Hunter and Michael Noland

House Sponsors
(Rep. Michelle Mussman-Sara Feigenholtz-Deborah Mell, Eddie Lee Jackson, Sr., Monique D. Davis, Kenneth Dunkin, Rita Mayfield, Mary E. Flowers and Robyn Gabel)


Last Action  View All Actions

DateChamber Action
  5/15/2012HouseThird Reading - Short Debate - Lost 051-063-000

Statutes Amended In Order of Appearance
New Act

Synopsis As Introduced
Creates the Illinois Microlending Program Act. Contains only a short title provision.

Senate Committee Amendment No. 1
Adds reference to:
30 ILCS 105/5.811 new

Replaces everything after the enacting clause. Creates the Microloan Program Act. Authorizes the Director of Commerce and Economic Opportunity to (i) make loans to eligible intermediaries for the purpose of making short-term, fixed rate loans to certain business concerns, (ii) make grants to those intermediaries to provide marketing, management, and technical assistance to small business concerns, (iii) make grants to non-profit entities for the purpose of providing marketing, management, and technical assistance to low-income individuals under certain circumstances; and (iv) create and administer a training program to train intermediaries in the knowledge, skills, and understanding of microlending necessary to operate successful microloan programs. Specifies criteria that eligible intermediaries must satisfy. Sets forth requirements for loans made to intermediaries; marketing, management, and technical assistance grants to intermediaries; private sector borrowing technical assistance grants; and loans to small business concerns from eligible intermediaries. Requires the Department to create and administer a training program. Requires the Department to file certain reports with the General Assembly. Creates the Business Loan and Investment Fund as a special fund in the State treasury. Authorizes the Department, subject to appropriation, to use the moneys in the Fund to carry out the purposes of the Microloan Program Act.

Senate Floor Amendment No. 2
Replaces everything after the enacting clause. Reinserts the provisions of the bill as amended by Senate Amendment No. 1, but makes changes. Provides that a microloan program established in the Department of Commerce and Economic Opportunity shall be subject to appropriation. Provides that, under the program, the Director of Commerce and Economic Opportunity may make grants (rather than direct loans) to eligible intermediaries. Removes a provision requiring the Director to give priority to applicants that provide loans in amounts averaging not more than $13,000. Provides that an intermediary may make a loan of not more than $35,000 (rather than a loan of more than $20,000) to a small business concern only if the small business concern demonstrates that it is unable to obtain credit elsewhere at comparable interest rates. Removes a provision requiring the Department to make not more than 55 grants annually. Removes a provision requiring an eligible intermediary to make short-term, fixed rate loans to small business concerns for working capital and the acquisition of materials, supplies, furniture, fixtures, and equipment. Creates the Business Microloan and Investment Fund (rather than the Business Loan and Investment Fund) as a special fund in the State treasury. Makes other changes.

Actions 
DateChamber Action
  2/1/2012SenateFiled with Secretary by Sen. Dan Kotowski
  2/1/2012SenateFirst Reading
  2/1/2012SenateReferred to Assignments
  2/28/2012SenateAssigned to Financial Institutions
  3/2/2012SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Dan Kotowski
  3/2/2012SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/6/2012SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
  3/8/2012SenateSenate Committee Amendment No. 1 Adopted
  3/8/2012SenateDo Pass as Amended Financial Institutions; 010-001-000
  3/8/2012SenatePlaced on Calendar Order of 2nd Reading March 21, 2012
  3/8/2012SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
  3/8/2012SenateAdded as Co-Sponsor Sen. John G. Mulroe
  3/23/2012SenateSecond Reading
  3/23/2012SenatePlaced on Calendar Order of 3rd Reading March 26, 2012
  3/26/2012SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Dan Kotowski
  3/26/2012SenateSenate Floor Amendment No. 2 Referred to Assignments
  3/26/2012SenateSenate Floor Amendment No. 2 Assignments Refers to Financial Institutions
  3/27/2012SenateSenate Floor Amendment No. 2 Recommend Do Adopt Financial Institutions; 007-001-000
  3/28/2012SenateAdded as Chief Co-Sponsor Sen. Gary Forby
  3/28/2012SenateRecalled to Second Reading
  3/28/2012SenateSenate Floor Amendment No. 2 Adopted; Kotowski
  3/28/2012SenatePlaced on Calendar Order of 3rd Reading
  3/28/2012SenateAdded as Co-Sponsor Sen. Linda Holmes
  3/28/2012SenateAdded as Chief Co-Sponsor Sen. John M. Sullivan
  3/28/2012SenateAdded as Chief Co-Sponsor Sen. Donne E. Trotter
  3/28/2012SenateAdded as Co-Sponsor Sen. Toi W. Hutchinson
  3/28/2012SenateAdded as Co-Sponsor Sen. Emil Jones, III
  3/28/2012SenateAdded as Co-Sponsor Sen. Mattie Hunter
  3/28/2012SenateAdded as Co-Sponsor Sen. Michael Noland
  3/28/2012SenateThird Reading - Passed; 044-009-000
  3/29/2012HouseArrived in House
  3/29/2012HouseChief House Sponsor Rep. Michelle Mussman
  3/29/2012HousePlaced on Calendar Order of First Reading
  3/29/2012HouseFirst Reading
  3/29/2012HouseReferred to Rules Committee
  4/6/2012HouseAdded Alternate Chief Co-Sponsor Rep. Sara Feigenholtz
  4/11/2012HouseAdded Alternate Co-Sponsor Rep. Eddie Lee Jackson, Sr.
  4/16/2012HouseAssigned to State Government Administration Committee
  5/2/2012HouseDo Pass / Short Debate State Government Administration Committee; 011-003-000
  5/3/2012HousePlaced on Calendar 2nd Reading - Short Debate
  5/7/2012HouseAdded Alternate Co-Sponsor Rep. Monique D. Davis
  5/10/2012HouseAdded Alternate Co-Sponsor Rep. Kenneth Dunkin
  5/11/2012HouseSecond Reading - Short Debate
  5/11/2012HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/15/2012HouseAdded Alternate Chief Co-Sponsor Rep. Deborah Mell
  5/15/2012HouseAdded Alternate Co-Sponsor Rep. Rita Mayfield
  5/15/2012HouseAdded Alternate Co-Sponsor Rep. Mary E. Flowers
  5/15/2012HouseAdded Alternate Co-Sponsor Rep. Robyn Gabel
  5/15/2012HouseThird Reading - Short Debate - Lost 051-063-000

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