(30 ILCS 750/9-4.6)
Sec. 9-4.6.
Financial intermediary applications.
(a) Before implementing any financial intermediary program component, the
Department may establish rules including, but not limited to, application,
review, and approval procedures; form of documentation, servicing, and default
conditions; the disposition of any assets remaining, subsequent to or resulting
from an intermediary agreement; and procedures, forms, and manner or approval
of third party applications.
(b) Applications for funds for financial intermediary agreements may
include, but shall not be limited to, history and mission of the applicant;
needs to be served, which shall be consistent with the purpose of this Article;
products, services, and results expected from the effort; staffing, management,
and operational procedures; and budget request and capitalization of the
effort.
(c) The Department shall review the intermediary applications to determine
the viability of the applicant, the consistency of the proposed project with
the purposes of this Article, the economy benefits expected to be derived
therefrom, the prospects for continuation of the project after Departmental
assistance has been provided, and other issues that may be considered
necessary.
(d) As a part of an intermediary agreement, the Department may provide for,
and the Department is authorized to rely upon, the financial intermediary to
undertake on behalf of the State the review and approval of the credit,
collateral security, and documentation; determination of eligibility; the
collection and use of fees, premiums, or charges; the organization, servicing,
and disbursement of financial assistance; and any other purposes and
activities that the Department determines to be reasonable, appropriate, and
consistent with the purposes of this Article.
(e) The Department shall require as a condition of an intermediary agreement
that the financial intermediary cause to be prepared at least annual
transaction reports detailing the activities of the program including, the
number and type of firms and amount of financing provided.
(Source: P.A. 88-422; 88-670, eff. 12-2-94.)
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