DCEO-CAPITAL ACCESS LOAN PILOT House SponsorsRep. Lou Lang 1/8/2013HouseSession Sine Die 20 ILCS 605/605-422 new Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Creates the Capital Access Loan Pilot Program. Creates the Capital Access Loan Loss Reserve Fund. Provides that the Department shall secure 10% of loans to eligible small businesses, if the participating financial institution would not offer the borrower a small business loan under the institution's prevailing credit standards without the 10% guarantee. Provides that the financial institution must submit an application to participate in the Program. Provides guidelines that the Department shall consider when determining whether a loan may be considered "eligible". Provides that an eligible business shall pay a one-time fee to the Department. Provides that the Department shall establish procedures under which participating financial institutions may submit claims for reimbursement for losses incurred as a result of qualified loan defaults. Provides that the Department may promulgate rules to implement the Program. 2/17/2011HouseFiled with the Clerk by Rep. Lou Lang 2/22/2011HouseFirst Reading 2/22/2011HouseReferred to Rules Committee 2/24/2011HouseAssigned to Revenue & Finance Committee 3/17/2011HouseRule 19(a) / Re-referred to Rules Committee 1/8/2013HouseSession Sine Die