Sec. 30-30. Use of the Loan Guarantee Account.

159 words·~1 min read·/il/chapter-15/act-516/30-30

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Moneys in a Loan Guarantee Account may be paid to a participating financial institution to cover losses on guaranteed loans up to the full amount in the Account or the amount of loss, whichever is lesser. The State of Illinois and the State Treasurer shall not be responsible for any losses in excess of the full amount in the Loan Guarantee Account designated for a participating financial institution.

(b)The State Treasurer may set a cap on the total funds held in any Loan Guarantee Account. Funds in excess of the cap may be withdrawn by the Treasurer.

(c)The State Treasurer shall withdraw the full amount in any Loan Guarantee Account in the event the Loan Guarantee Program is discontinued, or the financial institution leaves the Program.

(d)The State Treasurer may withdraw funds from any Loan Guarantee Account for a financial institution's failure to comply with Program requirements.