Full Text of HB1241 95th General Assembly
HB1241enr 95TH GENERAL ASSEMBLY
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HB1241 Enrolled |
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LRB095 09169 RCE 29362 b |
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| AN ACT concerning finance.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Build Illinois Act is amended by changing | 5 |
| Section 9-4.3 as follows:
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| (30 ILCS 750/9-4.3) (from Ch. 127, par. 2709-4.3)
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| Sec. 9-4.3. Minority, female and disability loans.
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| (a) In the making of loans for minority, female or | 9 |
| disability
small businesses, as defined below, the Department | 10 |
| is authorized to employ
different criteria in lieu of the | 11 |
| general provisions of subsections (b),
(d), (e), (f), (h), and | 12 |
| (i) of Section 9-4.
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| Minority, female or disability small businesses, for the | 14 |
| purpose of this
Section, shall be defined as small businesses | 15 |
| that are, in the Department's
judgment, at least 51% owned and | 16 |
| managed by one or more persons who are
minority, female or | 17 |
| disabled.
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| (b) Loans made pursuant to this Section:
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| (1) Shall not exceed $100,000
$50,000 or 50% of the | 20 |
| business project costs
unless the Director of the | 21 |
| Department determines that a waiver of these
limits is | 22 |
| required to meet the purposes of this Act.
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| (2) Shall only be made if, in the Department's |
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HB1241 Enrolled |
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LRB095 09169 RCE 29362 b |
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| judgment, the number of
jobs to be created or retained is | 2 |
| reasonable in relation to the loan funds
requested.
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| (3) Shall be protected by security. Financial | 4 |
| assistance may be
secured by first, second or subordinate | 5 |
| mortgage positions on real or
personal property, by royalty | 6 |
| payments, by personal notes or guarantees, or
by any other | 7 |
| security satisfactory to the Department to secure | 8 |
| repayment.
Security valuation requirements, as determined | 9 |
| by the Department, for the
purposes of this Section, may be | 10 |
| less than required for similar loans not
covered by this | 11 |
| Section, provided the applicants demonstrate adequate
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| business experience, entrepreneurial training or | 13 |
| combination thereof, as
determined by the Department.
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| (4) Shall be in such principal amount and form and | 15 |
| contain such terms
and provisions with respect to security, | 16 |
| insurance, reporting, delinquency
charges, default | 17 |
| remedies, and other matters as the Department shall
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| determine appropriate to protect the public interest
and | 19 |
| consistent with the purposes of this Section. The terms and | 20 |
| provisions
may be less than required for similar loans not | 21 |
| covered by this Section.
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| (Source: P.A. 87-1177; 88-422.)
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