Illinois General Assembly - Full Text of HB3481
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Full Text of HB3481  102nd General Assembly

HB3481 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB3481

 

Introduced 2/22/2021, by Rep. Denyse Stoneback

 

SYNOPSIS AS INTRODUCED:
 
New Act

    Creates the Electric Vehicle Charging Station Financing Program Act. Provides that the Electric Vehicle Charging Station Financing Program is to be administered by the Office of the State Treasurer. Provides that loans under the Program shall be used for the design, development, purchase, and installation of qualified electric vehicle charging stations in the State of Illinois either for use by private homeowners or for use by small businesses. Provides for funding of Program loans. Provides requirements for borrowers and lenders in applying for loans under the Program. Provides for the adoption of rules. Provides that State agencies may promote the Program as a financial solution for specified purposes. Requires the State Treasurer to annually submit a report concerning the Program to the General Assembly and Governor. Provides for the content of the report.


LRB102 04372 RJF 14390 b

 

 

A BILL FOR

 

HB3481LRB102 04372 RJF 14390 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the
5Electric Vehicle Charging Station Financing Program Act.
 
6    Section 5. Definitions. As used in this Act:
7    "Participating financial institution" means any federal or
8State-chartered bank, savings association, certified Community
9Development Financial Institution (CDFI), or credit union
10participating as a lender in the Program. To be eligible as a
11lender under the Program, a participating financial
12institution shall apply with the Office of the State Treasurer
13as a lend under the Program, and must certify that it is in
14good standing with its regulatory body (Federal Reserve,
15Federal Deposit Insurance Corporation (FDIC), Comptroller of
16Currency, Thrift Supervision, National Credit Union
17Administration (NCUA), or State banking authority, as
18applicable). The State Treasurer may by rule provided for
19finance lenders and other entities to also be eligible.
20    "Private homeowner" means a person or persons who have
21primary ownership of a house with a garage.
22    "Program" means the Electric Vehicle Charging Station
23Financing Program created under this Act.

 

 

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1    "Small business" means a company, corporation,
2partnership, firm, or other entity or group of entities that
3together with its affiliates, has 1,000 or fewer employees.
 
4    Section 10. Electric Vehicle Charging Station Financing
5Program.
6    (a) The Electric Vehicle Charging Station Financing
7Program is created as a Program to be administered by the
8Office of the State Treasurer. Loans provided under the
9Program shall be used for the design, development, purchase,
10and installation of qualified electric vehicle charging
11stations in the State of Illinois either for use by private
12homeowners or for use by small businesses. For small
13businesses, the charging station must be accessible to the
14business owner's employees, the general public, or to the
15tenants of a multi-unit dwelling, and must also meet technical
16requirements under subsection (f) and any rules adopted under
17subsection (g), which the borrower must certify to on the loan
18enrollment application.
19    (b) Initial financing for the Program shall be provided
20using funds appropriated for use by the Office of the State
21Treasurer. The State Treasurer shall designate $2,000,000 of
22such funds to be used to provide loans under the Program, and
23divide such funds into 2 separate accounts. One account shall
24be dedicated for loans to private homeowners, to which
25$1,000,000 shall be allocated. One account shall be dedicated

 

 

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1for loans to small businesses, to which the remaining
2$1,000,000 shall be allocated. Of the $1,000,000 allocated for
3small business loans, at least $150,000 shall dedicated for
4use by businesses located in disproportionately impacted areas
5as determined by the Department of Commerce and Economic
6Opportunity.
7    (c) For purposes of initiating a Program loan, an eligible
8private homeowner or small business shall apply to a
9participating financial institution for a loan provided under
10the Program. The participating financial institution shall
11enroll each loan with the Program. When a lending financial
12institution's first loan is enrolled, the Program shall
13establish a loan loss reserve account for that lender. Each
14time a subsequent loan is enrolled, the Program shall
15contribute to the loan loss reserve account. The lending
16financial institution shall use funds in the loan loss reserve
17account to cover potential losses and rebates.
18    (d) At the time of loan enrollment approval, the Program
19shall pay a contribution into the lending financial
20institution's loan loss reserve account of 20% of the loan
21amount with an additional 10%, for small businesses, for
22installations at multi-unit dwellings and in disadvantaged
23communities. Loan enrollment applications must be received
24within 15 business days after the "Date of First Disbursement"
25(Date of Loan). If a qualified claim is requested, the Program
26shall approve up to 100% of the claim or the amount of the

 

 

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1lending financial institution's loss reserve balance,
2whichever is less. After a borrowing small business or private
3homeowner repays the loan, or after 48 months with no more than
4one 30 day late payment, the borrower is eligible for a rebate
5of half the enrolled contribution amount. For borrowers
6eligible for a rebate, the rebate shall be funded from the
7lending financial institution's loan loss reserve account.
8    (e) A borrowing private homeowner shall not be eligible
9for a loan under the Program if he or she: (i) owes back taxes
10of any kind with the State; (ii) is renting the home to a 3rd
11party; or (iii) has a household with a combined household
12income over $150,000. Additionally, loans provided to a
13private homeowner cannot be used to build or install electric
14vehicle charging infrastructure for the purposes of a
15multi-unit dwelling.
16    (f) Upon applying for a loan under the Program, a
17borrowing small business shall certify that the proposed
18electric vehicle charging station shall meet the following
19technical requirements: (i) consist of level 2 alternating
20current chargers-SAE J1772 standard; or (ii) consist of direct
21current fast chargers with either CHAdeMO standard, SAE
22combination standard, or CHAdeMO/SAE combination standard. The
23borrowing small business shall have legal control of the
24electric vehicle charging station installation site for a term
25that is equal to or greater than the length of the enrolled
26loan; provided, that the installation site lies within the

 

 

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1State of Illinois.
2    (g) The State Treasurer shall adopt all rules necessary
3for the implementation and administration of the Program
4created under this Act.
 
5    Section 15. Promotion. State agencies may promote the
6Program as a financial solution to accelerate implementation
7of electric vehicle readiness plans, to help small businesses
8acquire capital for electric vehicle infrastructure, and to
9assist communities or constituents in complying with local air
10quality and transportation policy goals.
 
11    Section 20. Report. The State Treasurer shall annually
12submit a report concerning the Program to the General Assembly
13and Governor. The report shall include the following
14information: (i) how many loans were disbursed with the
15accompanying dollar amount; (ii) how many loans were repaid
16(when eligible); (iii) loans disbursed, categorized by
17industry (for small businesses); and (iv) any other
18information concerning the Program that the State Treasurer
19deems relevant.