Illinois General Assembly - Bill Status for HB5907

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Bill Status of HB5907 98th General Assembly

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Short Description: IFA-FARMING MICROLOANS

House Sponsors
Rep. John D. Anthony

Last Action

Date	Chamber	Action
12/3/2014	House	Session Sine Die

Statutes Amended In Order of Appearance

20 ILCS 3501/830-47 new

Synopsis As Introduced
Amends the Illinois Finance Authority Act. Provides that the Authority is authorized to issue State guarantees to lenders for loans to small family farm operations, operators of community-supported agriculture, and beginning farmers. Provides that those guarantees (i) shall not exceed $35,000 per qualified applicant, (ii) shall be set up on a payment schedule not to exceed 7 years, except that annual operating loans must be repaid within 12 months after the agricultural commodities are sold, and (iii) shall be subject to annual review and renewal by the lender and the Authority. Provides that the Illinois Agricultural Loan Guarantee Fund and the Illinois Farmer and Agribusiness Loan Guarantee Fund may be used to secure those guarantees.

Actions

Date	Chamber	Action
2/14/2014	House	Filed with the Clerk by Rep. John D. Anthony
2/14/2014	House	First Reading
2/14/2014	House	Referred to Rules Committee
12/3/2014	House	Session Sine Die

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