Bill Status of SB 1776   104th General Assembly

Short Description:  FINANCE-YOUNG FARMER

Senate Sponsors
Sen. Michael W. Halpin-Doris Turner-Paul Faraci

Last Action  View All Actions

DateChamber Action
  2/6/2025SenateReferred to Assignments

Statutes Amended In Order of Appearance
20 ILCS 3501/830-45
20 ILCS 3501/830-55

Synopsis As Introduced
Amends the Illinois Finance Authority Act. In provisions concerning the Young Farmer Loan Guarantee Program, provides that State Guarantees under the program shall not exceed $1,000,000 (currently $500,000) per young farmer. Provides that the Illinois Finance Authority is authorized to issue State Guarantees to lenders for loans to finance or refinance tuition debt incurred by or on behalf of an eligible farmer for post-secondary education in an agriculture field. Provides that the Illinois Finance Authority may use moneys under the Working Capital Loan Guarantee Program to finance rental payments for land leased to the farmer. Provides that State Guarantees provided under the Working Capital Loan Guarantee Program may not exceed $500,000 per borrower. Effective immediately

Actions 
DateChamber Action
  2/6/2025SenateFiled with Secretary by Sen. Michael W. Halpin
  2/6/2025SenateFirst Reading
  2/6/2025SenateReferred to Assignments
  2/6/2025SenateAdded as Chief Co-Sponsor Sen. Doris Turner
  2/26/2025SenateAdded as Chief Co-Sponsor Sen. Paul Faraci

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