Bill Text: IL SB0789 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Illinois Finance Authority Act. Makes a technical change in a Section concerning definitions.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2021-01-13 - Session Sine Die [SB0789 Detail]

Download: Illinois-2019-SB0789-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 SB0789 Introduced 1/31/2019, by Sen. William E. Brady SYNOPSIS AS INTRODUCED:
20 ILCS 3501/805-10
Amends the Illinois Finance Authority Act. Makes a technical change in a Section concerning definitions.
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A BILL FOR
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AN ACT concerning State government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Finance Authority Act is amended by
changing Section 805-10 as follows:
(20 ILCS 3501/805-10)
Sec. 805-10. Definitions. The The following terms,
whenever used or referred to in this Article, shall have the
following meanings ascribed to them, except where the context
clearly requires otherwise:
(a) "Financial Institution" means a financial institution
which is a trust company, a bank, a savings bank, a credit
union, an investment bank, a broker, an investment trust, a
pension fund, a building and loan association, a savings and
loan association, an insurance company, or any other
institution acceptable to the Authority, authorized to do
business in the State and approved by the Authority to insure
bonds or loans for industrial projects authorized by this Act.
(b) "Participating lender" means any trust company, bank,
savings bank, credit union, investment bank, broker,
investment trust, pension fund, building and loan association,
savings and loan association, insurance company or other
institution approved by the Authority which assumes a portion

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of the risk on a loan for an industrial project as provided in
Section 805-30 of this Act.
(Source: P.A. 93-205, eff. 1-1-04.)