92nd General Assembly
Status of HB2047
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 Full Text  Bill Summary

   New Act                                                                     
   5 ILCS 140/7              from Ch. 116, par. 207                            
   30 ILCS 105/5.545 new                                                       
   30 ILCS 015/5.546 new                                                       
   30 ILCS 105/5.547 new                                                       

        Creates the Black Business  Investment  Board  Act.  Creates  the      
   Black  Business  Investment  Board  in  the Department of Commerce and      
   Community Affairs. Provides for the  appointment  of  members  to  the      
   Board.   Sets the powers and duties of the Board.  Allows the Board to      
   invest in black business enterprises and to make guaranties  available      
   to  black  business  enterprises.   Allows  the Board to issue capital      
   participation instruments and bonds.  Requires the Board  to  make  an      
   annual  report  to  the  Governor,  the  President  of the Senate, the      
   Speaker of the House of Representatives, the Director  of  Labor,  and      
   the  Director  of  Employment Security on the activities of the Board.      
   Creates the  Illinois  Investment  Incentive  Trust  Fund,  the  Black      
   Contractors  Bond  Trust  Fund,  and  the Black Business Loan Guaranty      
   Trust Fund.  Provides that moneys in those Funds may be  used  by  the      
   Board  to carry out programs created under the Act. Amends the Freedom      
   of Information Act. Provides that the personal  financial  records  of      
   persons  participating in programs under the Black Business Investment      
   Board  Act  are  exempt  from  the  requirements  of  the  Freedom  of      
   Information Act. Amends the State Finance  Act  to  create  the  Black      
   Business Loan Guaranty Program Administrative and Loss Reserve Fund.        
          STATE DEBT NOTE (Economic and Fiscal Commission)                     
          HB 2047 would not affect the bonding authorization of the            
          State and, therefore, has no direct impact on the level of           
          State indebtedness.                                                  
          FISCAL NOTE (Dept. of Commerce and Community Affairs)                
          Because the amount of funding available for the Board and the        
          extent of its activities as authorized by this legislation are       
          unknown, the fiscal impact of HB 2047 on the Department cannot       
          be reasonably estimated at this time.                                
   FEB-21-2001  H  FILED WITH CLERK                                               
   FEB-21-2001  H  FIRST READING                                                  
   FEB-21-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   FEB-22-2001  H       ASSIGNED TO COMMITTEE               COMM BUSS DEV         
   FEB-27-2001  H  ADDED AS A JOINT SPONSOR                 FLOWERS               
   MAR-07-2001  H  STATE DEBT IMPACT NOTE FILED                                   
   MAR-07-2001  H                   COMMITTEE               COMM BUSS DEV         
   MAR-13-2001  H                         FISCAL NOTE FILED                       
   MAR-13-2001  H                   COMMITTEE               COMM BUSS DEV         
   MAR-16-2001  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   JAN-07-2003  H  SESSION SINE DIE                                               


 Full Text  Bill Summary