Illinois General Assembly - Bill Status for HB6958
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 Bill Status of HB6958  93rd General Assembly


House Sponsors
Rep. Patricia Reid Lindner - Patricia R. Bellock and Richard P. Myers

Last Action
DateChamber Action
  1/11/2005HouseSession Sine Die

Statutes Amended In Order of Appearance
20 ILCS 3501/830-30
20 ILCS 3501/830-35
20 ILCS 3501/830-45
20 ILCS 3501/830-50

Synopsis As Introduced
Amends the Agricultural Assistance Article of the Illinois Finance Authority Act. Provides that to be eligible for certain State guarantees, a farmer must be a principal operator of a farm or land, at least 30% (instead of 50%) of whose annual income is derived from farming and whose debt to asset ratio shall not exceed the maximum limit established by the Illinois Finance Authority (instead of "shall not be less than 40%"). Provides that State guarantees under certain programs shall not exceed $750,000 (instead of $500,000). Provides that the collateral acceptable to the Authority must be at least equal to the gross loan amount (instead of "at least equal to the State's portion of the Guarantee to be provided"). Deletes a provision that to be eligible for State guarantees, a farmer's net worth may not exceed $500,000. Deletes a provision stating that a lender may not withdraw a State guarantee if the loan contract provides for an interest rate that may vary. Changes the name of the "Young Farmer Loan Guarantee Program" to the "Illinois Farmer Loan Guarantee Program". Makes other changes. Effective immediately.

DateChamber Action
  2/9/2004HouseFiled with the Clerk by Rep. Patricia Reid Lindner
  2/9/2004HouseChief Co-Sponsor Rep. Patricia R. Bellock
  2/9/2004HouseCo-Sponsor Rep. Richard P. Myers
  2/9/2004HouseFirst Reading
  2/9/2004HouseReferred to Rules Committee
  1/11/2005HouseSession Sine Die

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