NOLAND-WOOLARD-TURNER,JOHN-BRUNSVOLD-LAWFER AND BLACK. (O'DANIEL-SIEBEN) 20 ILCS 3605/11 from Ch. 5, par. 1211 20 ILCS 3605/12.1 from Ch. 5, par. 1212.1 20 ILCS 3605/12.2 from Ch. 5, par. 1212.2 20 ILCS 3605/12.4 from Ch. 5, par. 1212.4 Amends the Illinois Farm Development Act. Provides that the Illinois Farm Development Authority shall not have outstanding State Guarantees in an aggregate principal amount exceeding $50,000,000 (now $35,000,000). Provides that there shall be no income restriction for applicants who have previously used the guarantee program. Provides that guarantees shall not exceed $500,000 (now $300,000) per farmer. Provides that in those cases where the borrower has not previously used the guarantee program, the lender shall not call the loan due during the first 3 years for any reason except lack of performance or insufficient collateral. Provides that interest earned from amounts invested from the Illinois Agricultural Loan Guarantee Fund and the Illinois Farmer and Agribusiness Loan Guarantee Fund shall be deposited into those funds until the Funds reach their maximum amounts. Provides that after the Funds reach their maximum amounts the interest shall be deposited into the General Revenue Fund. Provides that the Authority may transfer $15,000,000 (now $10,000,000) from appropriations and the Farm Emergency Assistance Fund as of June 30 of each year to the Illinois Farmer and Agribusiness Loan Guarantee Fund. Makes other changes. Effective immediately. FISCAL NOTE (Bureau of the Budget) FY98 costs would be approximately $400 thousand in lost inter- est. HB1880 could cost an additional $5 million over time if a sufficient number of loans default. 97-03-07 H FIRST READING 97-03-07 H ADDED AS A JOINT SPONSOR WOOLARD 97-03-07 H ADDED AS A CO-SPONSOR TURNER,JOHN 97-03-07 H ADDED AS A CO-SPONSOR BRUNSVOLD 97-03-07 H ADDED AS A CO-SPONSOR LAWFER 97-03-07 H REFERRED TO HOUSE RULES COMMITTEE RULES 97-03-11 H ASSIGNED TO COMMITTEE AGRIC CONSERV 97-03-19 H DO PASS/SHORT DEBATE 014-001-000 HAGC 97-03-19 H PLACED CALENDAR 2ND READING-SHORT DEBATE 97-03-20 H SECOND READING-SHORT DEBATE 97-03-20 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 97-03-20 H ADDED AS A CO-SPONSOR BLACK 97-03-21 H FISCAL NOTE FILED 97-03-21 H CALENDAR ORDER 3RD READING-SHORT DEBATE 97-04-11 H THIRD READING/SHORT DEBATE/PASSED 115-000-000 97-04-14 S ARRIVE IN SENATE 97-04-14 S PLACED CALENDAR ORDER OF FIRST READING 97-04-23 97-04-25 S CHIEF SPONSOR O'DANIEL 97-04-25 S FIRST READING 97-04-25 S REFERRED TO SENATE RULES COMMITTEE RULES 97-04-25 S ADDED AS A CHIEF CO-SPONSOR SIEBEN 97-04-30 S ASSIGNED TO COMMITTEE STATE GOVERN 97-05-08 S DO PASS 008-000-001 SGOA 97-05-08 S PLACED ON CALENDAR ORDER OF 2ND READING 97-05-09 97-05-09 S SECOND READING 97-05-09 S PLACED ON CALENDAR ORDER OF 3RD READING 97-05-12 97-05-13 S THIRD READING - PASSED 055-000-000 97-05-13 H PASSED BOTH HOUSES 97-06-11 H SENT TO THE GOVERNOR 97-08-08 H GOVERNOR APPROVED 97-08-08 H EFFECTIVE DATE 97-08-08 97-08-08 H PUBLIC ACT.............................. 90-0325 END OF INQUIRY Full Text Bill Summary