(20 ILCS 3520/10)
Sec. 10. Powers. For purposes of this Act, in addition to other powers described herein, the Department may do each of the following:
(1) Use the services of other governmental agencies.
(2) Contract for and accept (for use in carrying out
the provisions of this Program) loans and grants from the federal, the State, or any local government and any of their respective agencies and instrumentalities.
(3) Acquire, manage, operate, dispose of, or
otherwise deal with property, take assignments of rentals and leases, and make contracts, leases, agreements, and arrangements that are necessary or incidental to the performance of its duties, upon any terms and conditions that it considers advisable. All property acquired under this Act that is not held as collateral shall be transferred to the Department of Central Management Services to sell in accordance with the State Property Control Act. All sale proceeds less sale expenses shall be deposited into the Small Business Surety Bond Guaranty Fund.
(4) Prescribe or approve the form of and terms and
conditions in applications, guaranty agreements, or any other documents entered into by the Department, principals, or sureties in connection with the Program.
(5) Acquire or take assignments of documents
executed, obtained, or delivered in connection with any assistance provided by the Department under the Program.
(6) Fix, determine, charge, and collect any premiums,
fees, charges, costs, and expenses in connection with any assistance provided by the Department under the Program.
(7) Adopt rules and regulations necessary to carry
out the purposes of the Program.
(8) Investigate the availability of and, if
desirable, purchase insurance to support the surety guaranty.
(9) Operate the Program by means of financial
intermediaries in a like manner as provided in the Small Business Development Act.
(Source: P.A. 88-407; 88-665, eff. 9-16-94.)
Sections: Previous 1 5 10 15 20 25 30 35 40 45 50 70 75 99 Next
Last modified: February 18, 2015