(20 ILCS 655/12-5) (from Ch. 67 1/2, par. 622)
Sec. 12-5.
Loan Applications.
Applications for
loans shall be submitted to the Department on forms and
subject to filing fees prescribed by the Department. The
Department shall not be prohibited from soliciting such
applications. The Department shall conduct such investigation
and obtain such information concerning the business as
is necessary and diligent to complete a loan agreement.
The Department's investigation shall include facts about the
company's history, job opportunities, stability of employment,
past and present condition and structure, actual and pro-forma
income statements, present and future market prospects and
management qualifications and any other aspects material to
the financing request.
After consideration of such data and after such
other action as is deemed appropriate, the Department shall
approve or deny the application. If the Department approves
the application, its approval shall specify the amount of
funds to be provided and the loan agreement provisions. The
business shall be promptly notified of such action by the
Department.
(Source: P.A. 84-165.)
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