House Sponsors: SCHOENBERG-MCKEON-FEIGENHOLTZ-OSTERMAN-GARRETT. Senate Sponsors: SIEBEN-OBAMA-WELCH-PARKER Short description: INVESTMENT & DEVELOPMENT AUTH Synopsis of Bill as introduced: Creates the Illinois Investment and Development Authority Act. Establishes the Illinois Investment and Development Authority to support the creation and growth of community development financial institutions, which provide access to capital for business development, capital investments, and other financing to expand private sector activities in economically disadvantaged communities and for low income people, by providing grants, loans, and technical assistance to these institutions. SENATE AMENDMENT NO. 1. (Senate recedes December 5, 2002) Deletes everything. Inserts the provisions of bill as introduced with the following changes: (1) adds the State Treasurer and the Director of Financial Institutions as members of the Illinois Investment and Development Authority increasing the number of members to 13 from 11; (2) provides the Authority with the power to adopt necessary rules and regulations; (3) increases the maximum allowable conflict of interest ownership share from 7.5% to 10%; (4) adds mortgage lending to the list of financial services the CDFI sector offers; (5) encourages the establishment of CDFIs (instead of downstate CDFIs); (6) adds reference to criteria for accreditation in conjunction with the issuance of grants; and (7) deletes reference to the Community Development Banking and Financial Institutions Act of 1994 requirements. Last action on Bill: PUBLIC ACT.............................. 92-0864 Last action date: JAN-03-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1 END OF INQUIRY Full Text Bill Status