(20 ILCS 605/605-875) (was 20 ILCS 605/46.68)
Sec. 605-875. Safety loan program.
(a) The Department may develop and implement a small business safety loan program to allow employers the opportunity to improve workplace safety. The loans shall be made from appropriations for that purpose. The loans shall be secured by adequate collateral, may be for a term of no more than 5 years, and may bear interest at a discounted rate. The Department shall promulgate all necessary rules to implement the program.
(b) Any loan made under this Section shall: (1) be made only if on-site safety and health consultations and recommendations for correction have been completed by both the Department's Industrial Service Division, with regard to requirements of State and federal environmental regulations, and the Department of Labor, with regard to requirements of the federal Occupational Safety and Health Administration; and (2) finance no more than $50,000 or 80% of the total project and no less than $10,000.
(c) The Illinois Safety Revolving Loan Fund is created as a separate fund within the State treasury.
The purpose of the Fund is to provide loans to and finance administration of loans to small businesses in Illinois.
There shall be deposited into the Fund amounts including, but not limited to, the following:
(1) All receipts, including dividends, principal, and
interest payments from any applicable loan agreement made from the Fund or from direct appropriations.
(2) All proceeds of assets of whatever nature
received by the Department as a result of default or delinquency with respect to loan agreements made from the Fund or from direct appropriations by the General Assembly, including proceeds from the sale, disposal, lease, or rental of real or personal property that the Department may have received as a result of the default or delinquency.
(3) Any appropriations, grants, or gifts made to the
Fund.
(4) Any income received from interest on investments
of moneys in the Fund.
(d) The implementation of or continuation of this program during any fiscal year is dependent upon federal funding, through the Department of Labor, committed to the Onsite Safety and Health Consultation Program prior to the beginning of that fiscal year.
(Source: P.A. 97-787, eff. 7-13-12.)
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Last modified: February 18, 2015