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91_HB1447
LRB9104050PTpk
1 AN Act concerning microloans.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Civil Administrative Code of Illinois is
5 amended by adding Section 46.70 as follows:
6 (20 ILCS 605/46.70 new)
7 Sec. 46.70. Microloan Program. The Department of
8 Commerce and Community Affairs must, by rule, create a
9 Microloan Program to provide a funding base for individuals
10 seeking economic independence from public assistance. The
11 Department may make loans from the Microloan Fund, a special
12 fund established in the State Treasury. The loans may be
13 made in amounts of $500 or less to individuals whose income
14 is at or below the federally designated poverty level. An
15 individual may not receive an additional loan from the Fund
16 until the preceding loan is repaid. Individuals may use the
17 loans only for entrepreneurial or employment endeavors. The
18 Department must enter into an agreement with a private entity
19 to administer and implement the Microloan Program. The
20 Department may adopt rules as necessary to further establish
21 loan qualifications, repayment methods, interest rates, and
22 other requirements for the Microloan Program.
23 Section 10. The State Finance Act is amended by adding
24 Section 5.490 as follows:
25 (30 ILCS 105/5.490 new)
26 Sec. 5.490. The Microloan Fund.