Illinois SB3019 amends the Illinois Finance Authority Act to allow higher loan amounts for agricultural borrowers and removes restrictions on loans.
Illinois SB3019 amends the Illinois Finance Authority Act to increase the maximum amount of notes or bonds that may be issued for agricultural real estate borrowers if permitted by statute or regulation. The bill also removes the restriction on loans to natural persons with a net worth over $500,000 for purchasing new depreciable agricultural property. The changes apply immediately upon the bill's enactment.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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