- a) These accounts may be used to cover losses on guaranteed loans up to the full amount in the account or the amount of loss, whichever is less. [15 ILCS 516/30-30(a)]
- b) Fees established by the Treasurer in accordance with Section 715.430, will be deposited into the account.
- c) The Treasurer will withdraw the full amount in any loan guarantee account in the event the Program is discontinued.
- d) In the event the participating financial institution leaves the Program, the Treasurer will reallocate the funds in the loan guarantee account.
- e) The Treasurer may withdraw funds from any loan guarantee account for a financial institution's failure to comply with Program requirements. [15 ILCS 516/30-30(d)]
The Treasurer may establish one or more Loan Guarantee Accounts at approved financial institutions. The Loan Guarantee Accounts may be used to cover the losses on guaranteed loans at a participating financial institution. [15 ILCS 516/30-15]