HB 6958

  • Illinois House Bill
  • 93rd Regular Session
  • Introduced in House
  • House
  • Senate
  • Governor

Il Finance Auth-Agriculture


Amends the Agricultural Assistance Article of the Illinois Finance Authority Act. Provides that to be eligible for certain State guarantees, a farmer must be a principal operator of a farm or land, at least 30% (instead of 50%) of whose annual income is derived from farming and whose debt to asset ratio shall not exceed the maximum limit established by the Illinois Finance Authority (instead of "shall not be less than 40%"). Provides that State guarantees under certain programs shall not exceed $750,000 (instead of $500,000). Provides that the collateral acceptable to the Authority must be at least equal to the gross loan amount (instead of "at least equal to the State's portion of the Guarantee to be provided"). Deletes a provision that to be eligible for State guarantees, a farmer's net worth may not exceed $500,000. Deletes a provision stating that a lender may not withdraw a State guarantee if the loan contract provides for an interest rate that may vary. Changes the name of the "Young Farmer Loan Guarantee Program" to the "Illinois Farmer Loan Guarantee Program". Makes other changes. Effective immediately.

Bill Sponsors (1)


No votes to display


Jan 11, 2005


Session Sine Die

Feb 09, 2004


Filed with the Clerk by Rep. Patricia Reid Lindner


Chief Co-Sponsor Rep. Patricia R. Bellock


Co-Sponsor Rep. Richard P. Myers


First Reading


Referred to Rules Committee

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