Illinois General Assembly - Bill Status for SB0423
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 Bill Status of SB0423  94th General Assembly

Short Description:  FARM DEVELOPMENT

Senate Sponsors
Sen. Todd Sieben

Last Action
DateChamber Action
  1/9/2007SenateSession Sine Die

Statutes Amended In Order of Appearance
20 ILCS 690/2from Ch. 5, par. 2252
20 ILCS 690/3from Ch. 5, par. 2253
20 ILCS 690/4from Ch. 5, par. 2254
20 ILCS 690/5from Ch. 5, par. 2255
20 ILCS 3501/801-5
20 ILCS 3501/801-10
20 ILCS 3501/845-75
20 ILCS 3501/845-80
20 ILCS 3501/845-85
20 ILCS 3501/890-90
20 ILCS 3501/Art. 830 rep.
20 ILCS 3605/12.1from Ch. 5, par. 1212.1
20 ILCS 3605/12.2from Ch. 5, par. 1212.2
20 ILCS 3605/12.4from Ch. 5, par. 1212.4
20 ILCS 3605/12.5
20 ILCS 3610/3from Ch. 5, par. 1253
20 ILCS 3610/4from Ch. 5, par. 1254
30 ILCS 750/8-3from Ch. 127, par. 2708-3
510 ILCS 77/17
525 ILCS 15/4from Ch. 96 1/2, par. 9104
525 ILCS 15/6afrom Ch. 96 1/2, par. 9106a

Synopsis As Introduced
Reinstates the Illinois Farm Development Act repealed by Public Act 93-205, which created the Illinois Finance Authority Act. Amends the Illinois Finance Authority Act, the Rural Diversification Act, the Emergency Farm Credit Allocation Act, the Build Illinois Act, the Livestock Management Facilities Act, and the Illinois Forestry Development Act to effect the reinstatement. Amends the Illinois Farm Development Act. Provides that to be eligible for certain State guarantees, a farmer must be a principal operator of a farm or land, at least 30% (instead of 50%) of whose annual income is derived from farming and whose debt to asset ratio shall not exceed the maximum limit established by the Illinois Farm Development Authority (instead of "shall not be less than 40%"). Provides that State guarantees under certain programs shall not exceed $1,000,000 (instead of $500,000). Provides that the collateral acceptable to the Authority must be at least equal to the gross loan amount (instead of "at least equal to the State's portion of the Guarantee to be provided"). Deletes a provision that to be eligible for State guarantees, a farmer's net worth may not exceed $500,000. Deletes a provision stating that a lender may not withdraw a State guarantee if the loan contract provides for an interest rate that may vary. Changes the name of the "Young Farmer Loan Guarantee Program" to the "Illinois Farmer Loan Guarantee Program". Makes other changes. Effective immediately.

DateChamber Action
  2/16/2005SenateFiled with Secretary by Sen. Todd Sieben
  2/16/2005SenateFirst Reading
  2/16/2005SenateReferred to Rules
  2/17/2005SenateAssigned to Executive
  2/24/2005SenatePostponed - Executive
  3/3/2005SenatePostponed - Executive
  3/18/2005SenateRule 3-9(a) / Re-referred to Rules
  1/9/2007SenateSession Sine Die

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