Illinois General Assembly - Full Text of HB2599
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Full Text of HB2599  99th General Assembly



State of Illinois
2015 and 2016


Introduced , by Rep. Kenneth Dunkin


20 ILCS 3501/805-10

    Amends the Illinois Finance Authority Act. Makes a technical change in a Section concerning definitions.

LRB099 09337 HLH 29542 b





HB2599LRB099 09337 HLH 29542 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 5. The Illinois Finance Authority Act is amended by
5changing Section 805-10 as follows:
6    (20 ILCS 3501/805-10)
7    Sec. 805-10. Definitions. The The following terms,
8whenever used or referred to in this Article, shall have the
9following meanings ascribed to them, except where the context
10clearly requires otherwise:
11    (a) "Financial Institution" means a financial institution
12which is a trust company, a bank, a savings bank, a credit
13union, an investment bank, a broker, an investment trust, a
14pension fund, a building and loan association, a savings and
15loan association, an insurance company, or any other
16institution acceptable to the Authority, authorized to do
17business in the State and approved by the Authority to insure
18bonds or loans for industrial projects authorized by this Act.
19    (b) "Participating lender" means any trust company, bank,
20savings bank, credit union, investment bank, broker,
21investment trust, pension fund, building and loan association,
22savings and loan association, insurance company or other
23institution approved by the Authority which assumes a portion



HB2599- 2 -LRB099 09337 HLH 29542 b

1of the risk on a loan for an industrial project as provided in
2Section 805-30 of this Act.
3(Source: P.A. 93-205, eff. 1-1-04.)