Bill Status of SB3847  102nd General Assembly

Short Description:  STATE TREASURER-LOAN GUARANTEE

Senate Sponsors
Sen. Christopher Belt

House Sponsors
(Rep. Sonya M. Harper - LaToya Greenwood - Mary E. Flowers)

Last Action
DateChamber Action
  5/27/2022SenatePublic Act . . . . . . . . . 102-1027

Statutes Amended In Order of Appearance
15 ILCS 516/30-10
15 ILCS 516/30-15
15 ILCS 516/30-25
15 ILCS 516/30-30


Synopsis As Introduced
Amends the Community Development Loan Guarantee Act. Provides that the State Treasurer may establish the Loan Guarantee Program by establishing one or more Loan Guarantee Accounts at approved financial institutions (currently, one Account as a special account outside the State treasury with the State Treasurer as custodian). Provides that moneys in a Loan Guarantee Account may be paid to a participating financial institution to cover losses on guaranteed loans up to the full amount in the Account or the amount of loss, whichever is lesser. Provides that the State of Illinois and the State Treasurer shall not be responsible for any losses in excess of the full amount in the Loan Guarantee Account designated for a participating financial institution. Provides that the State Treasurer may withdraw funds from any Loan Guarantee Account for a financial institution's failure to comply with Program requirements. Makes conforming and other changes. Effective immediately.

Actions 
DateChamber Action
  1/21/2022SenateFiled with Secretary by Sen. Christopher Belt
  1/21/2022SenateFirst Reading
  1/21/2022SenateReferred to Assignments
  2/1/2022SenateAssigned to State Government
  2/10/2022SenateDo Pass State Government; 008-000-000
  2/10/2022SenatePlaced on Calendar Order of 2nd Reading February 15, 2022
  2/15/2022SenateSecond Reading
  2/15/2022SenatePlaced on Calendar Order of 3rd Reading February 16, 2022
  2/16/2022SenateThird Reading - Passed; 053-000-000
  2/16/2022HouseArrived in House
  2/16/2022HouseChief House Sponsor Rep. LaToya Greenwood
  2/16/2022HouseFirst Reading
  2/16/2022HouseReferred to Rules Committee
  3/2/2022HouseAlternate Chief Sponsor Changed to Rep. Sonya M. Harper
  3/2/2022HouseAdded Alternate Chief Co-Sponsor Rep. LaToya Greenwood
  3/7/2022HouseAssigned to Financial Institutions Committee
  3/15/2022HouseDo Pass / Short Debate Financial Institutions Committee; 007-004-000
  3/16/2022HousePlaced on Calendar 2nd Reading - Short Debate
  3/23/2022HouseSecond Reading - Short Debate
  3/23/2022HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/31/2022HouseFinal Action Deadline Extended-9(b) April 8, 2022
  4/6/2022HouseThird Reading - Short Debate - Passed 071-041-000
  4/6/2022SenatePassed Both Houses
  4/6/2022HouseAdded Alternate Chief Co-Sponsor Rep. Mary E. Flowers
  5/5/2022SenateSent to the Governor
  5/27/2022SenateGovernor Approved
  5/27/2022SenateEffective Date May 27, 2022
  5/27/2022SenatePublic Act . . . . . . . . . 102-1027