92nd General Assembly
Summary of HB4157
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Short description: 
INVESTMENT & DEVELOPMENT AUTH                                              

Synopsis of Bill as introduced:
        Creates the Illinois Investment and  Development  Authority  Act.      
   Establishes  the  Illinois  Investment  and  Development  Authority to      
   support the creation and growth  of  community  development  financial      
   institutions,   which   provide   access   to   capital  for  business      
   development,  capital  investments,  and  other  financing  to  expand      
   private sector activities in  economically  disadvantaged  communities      
   and  for  low income people, by providing grants, loans, and technical      
   assistance to these institutions.                                           
        SENATE AMENDMENT NO. 1. (Senate recedes December 5, 2002)              
        Deletes everything. Inserts the provisions of bill as  introduced      
   with  the  following  changes:  (1)  adds  the State Treasurer and the      
   Director  of  Financial  Institutions  as  members  of  the   Illinois      
   Investment  and Development Authority increasing the number of members      
   to 13 from 11; (2) provides the Authority  with  the  power  to  adopt      
   necessary  rules  and regulations; (3) increases the maximum allowable      
   conflict of interest ownership  share  from  7.5%  to  10%;  (4)  adds      
   mortgage  lending  to  the  list of financial services the CDFI sector      
   offers;  (5)  encourages  the  establishment  of  CDFIs  (instead   of      
   downstate  CDFIs); (6) adds reference to criteria for accreditation in      
   conjunction with the issuance of grants; and (7) deletes reference  to      
   the  Community  Development  Banking and Financial Institutions Act of      
   1994 requirements.                                                          
Last action on Bill: PUBLIC ACT.............................. 92-0864

   Last action date: JAN-03-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


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