HB 5771

Abstract

Amends the Illinois Finance Authority Act. Creates the Five Year Loan Law as a new Article in the Illinois Finance Authority Act. Provides that the Illinois Finance Authority shall establish a Five Year Loan Office within the Authority. Provides further requirements concerning the operation of the Five Year Loan Office and the issuance of loans. Provides requirements concerning financing and charges related to the issuance of loans. Creates the Five Year Loan Office Advisory Board to oversee the operation of the Five Year Loan Office. Provides for the membership meetings, and powers of the Advisory Board. Provides for administrative support of the Advisory Board. Provides for the use of federal aid money. Provides for the adoption of rules, including emergency rules. Provides reporting requirements. Creates the Illinois Five Year Loan Fund as a special fund in the State treasury. Repeals the Five Year Loan Law Article on January 1, 2030. Amends the Illinois Administrative Procedure Act to provide for emergency rulemaking. Amends the State Finance Act to create the Illinois Five Year Loan Fund. Makes conforming changes. Effective immediately.